Northvolt, a major Swedish battery maker, filed for bankruptcy in the U.S., seeking to restructure the debt it had taken on to pay for its rapid expansion.

Swedish battery maker Northvolt filed for Chapter 11 bankruptcy protection in the U.S., delivering a blow to Europe's electrification ambitions.

Northvolt's financial collapse deals a blow to Europe's plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.

The company’s woes are symptomatic of a wider malaise among companies that make batteries for electric vehicles.

Northvolt has been seen as a cornerstone of European attempts to catch up with China and the United States in the production of battery cells, a crucial component of

Swedish battery-cell maker Northvolt AB has filed for chapter 11 bankruptcy protection in the US amid a slowing EV market.