Northvolt, a major European battery maker, files for bankruptcy protection

Northvolt, the largest lithium battery manufacturer in Europe, recently released a statement on its official website, saying that its parent company Northvolt AB and some of its subsidiaries have filed for Chapter 11 bankruptcy protection in the United States and are seeking reorganization. Northvolt was once the hope of the European battery industry, but now faces bankruptcy, which has dealt a heavy blow to the European electric vehicle industry and the independent research and development of lithium-ion batteries in Europe.