Europe's would-be battery champion Northvolt files for bankruptcy

Battery cell maker Northvolt has filed for bankruptcy in Sweden, the company said on Wednesday, marking one of the country's largest corporate failures and effectively ending Europe's best hope of developing a rival to challenge China. "This was a decision we did not take lightly" and it was the only "realistic path forward," Northvolt Chairman Tom Johnstone told a press conference, saying every avenue had been pursued to avoid bankruptcy for the company, which puts 5,000 jobs at risk. The EV battery maker sought U.S. Chapter 11 bankruptcy protection in November as its cash pile dwindled and it scrambled to...