Northvolt’s CEO and co-founder 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.
“Personally this is an emotional day,” Carlsson said. The former Tesla executive, who co-founded the company in 2016, said Northvolt had been “like a baby” to him. The company, which employs around 6,600 staff across seven countries, said in its Chapter 11 filing it expects to complete the restructuring by the first quarter of 2025.
On Monday, Reuters reported that Northvolt had missed some in-house targets and curtailed production at its battery-cell plant in northern Sweden, underscoring the challenge of ramping up output.
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