{
Tom Johnstone

People

}

rthvolt files for chapter 11 as operations and finances need overhaul

Northvolt AB is facing significant challenges, prompting Interim Chairman Tom Johnstone to emphasize the need for operational improvements and financial restructuring. The Swedish electric vehicle battery manufacturer has filed for protection under the US Chapter 11 bankruptcy code due to inadequate production quality and cash depletion. CEO Peter Carlsson will also be stepping down as the company navigates this crisis.
bloomberg.com
Northvolt AB SWE Tom Johnstone Peter Carlsson
Finance & Economy, News Article
17:20 22.11.2024

Northvolt files for bankruptcy impacting Europe's electric vehicle ambitions

Swedish battery maker Northvolt has filed for Chapter 11 bankruptcy protection in the U.S., aiming to restructure its debt and scale back operations amid challenges in the electric vehicle market. The company plans to access $245 million in new financing while continuing operations at its Skellefteå gigafactory. Despite recent struggles, Northvolt remains committed to establishing a European industrial base for battery production.
CNBC
United States Dollar Northvolt AB SWE Tom Johnstone
Finance & Economy, News Article
08:45 22.11.2024
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