Swedish battery maker Northvolt has filed for Chapter 11 bankruptcy in the U.S. and announced CEO Peter Carlsson's departure following a year marked by production delays and workforce reductions.

The company, once viewed as Europe's challenger to Chinese battery dominance, reported $1.2 billion in losses against $128 million revenue for 2023. Despite securing $15 billion in funding and $50 billion in orders by late 2023, with major stakeholders including Volkswagen (21%) and Goldman Sachs (19%), Northvolt faced mounting challenges. BMW canceled a $2 billion contract in June, prompting job cuts and project suspensions.

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