FILE PHOTO: Northvolt CEO Peter Carlsson poses for a picture at the company's offices in Stockholm, Sweden, March 7, 2017. REUTERS/Niklas Pollard/File PhotoCOPENHAGEN :Northvolt's CEO Peter Carlsson is stepping down, the Swedish maker of battery cells for electric vehicles said on Friday, one day after the group filed for U.S. Chapter 11 bankruptcy protection.
Northvolt on Thursday filed for Chapter 11 bankruptcy protection in the United States, dealing a blow to Europe's hopes that its most developed battery player would reduce Western car makers' reliance on Chinese rivals. Northvolt, which employs around 6,600 staff across seven countries, in its Chapter 11 filing said it expects to complete the restructuring by the first quarter of 2025.