Northvolt Files for Insolvency in Sweden, Cutting 2,800 Jobs

The Swedish battery manufacturer, once a symbol of Europe's EV ambitions, downsizes operations while its German subsidiary remains unaffected.

Northvolt has filed for insolvency in Sweden, citing mounting debt, operational challenges, and declining demand for electric vehicles.
The insolvency will result in 2,800 job losses, primarily affecting the Skellefteå factory, which will retain only 1,200 of its 3,000 employees.
The company's German subsidiary, including the Heide factory project, remains operational and outside the Swedish insolvency proceedings.
Northvolt's financial struggles were compounded by the cancellation of a multi-billion euro battery cell order from BMW, alongside broader industry challenges.
The collapse has raised concerns about the future of Europe's battery independence and the effectiveness of public subsidies in supporting such ventures.