The company and its assets will be sold after it filed for bankruptcy in Sweden, sinking Europe’s best hope for competing against Asian rivals.

This move comes amid geopolitical instability, rising capital costs, supply chain disruptions, and shifts in market demand.

STOCKHOLM–Swedish battery maker Northvolt filed for bankruptcy in Sweden after it failed to secure the financial backing needed to continue operating.A Swedish court-appointed trustee will now oversee the process,

Northvolt, once touted as Europe's best bet to challenge Asia's grip on the EV battery market, has filed for bankruptcy in Sweden after failing to secure fresh funding. A court-appointed trustee will now oversee the sale of its assets and subsidiaries.

STOCKHOLM (Reuters) - The bankruptcy of battery cell maker Northvolt, once the leader of Sweden's green industrial boom, is a huge blow to the country's north and particularly the small town of Skelleftea.

Crisis-hit Swedish battery maker Northvolt applied for bankruptcy on Wednesday and announced it was working to secure continued production and jobs for those affected.

Northvolt, the Swedish battery cell maker for electric vehicles, said on Wednesday it had filed for bankruptcy in Sweden, one of the country's largest, effectively ending Europe's best hope of developing a rival to major Asian EV battery players.

Northvolt AB, the European electric vehicle battery maker, has filed for bankruptcy in Sweden in a move that raises serious doubts about the viability of a megafactory planned for Quebec.

Debt-ridden Swedish electric vehicle battery manufacturer Northvolt said on Wednesday it has filed for bankruptcy in its home market. The move includes all of the group's Swedish units, but not its subsidiaries in the United States and Germany,

Northvolt has experienced a series of compounding challenges in recent months that eroded its financial position, including rising capital costs, geopolitical instability, subsequent supply chain disruptions,