So far it's compartmentalized but the parent company is also facing financing and sales problems, more after the jump.
From Reuters, October 8:
Sweden's Northvolt said on Tuesday that one of its subsidiaries had filed for bankruptcy after the project it was developing was cancelled, while the rest of the cash-strapped battery making group continued to consolidate operations.
"All contacts with Ett Expansion AB will from now on be managed by the bankruptcy trustee," Northvolt said.The Northvolt unit had been responsible for a planned tripling of capacity at the group's gigafactory in northern Sweden, but its board last month cancelled the project.Northvolt said in September it would slim down and cut jobs, sparking fears that Europe's best shot at a home-grown electric vehicle battery champion may stall due to production problems, sluggish demand and competition from China."Northvolt Group continues to be in dialogue with stakeholders for continued cooperation within Northvolt Group's ongoing operations," the company added in a statement....
Also at Reuters, October 2 - "Northvolt's $1.5 billion funding guarantee on hold, Swedish debt office says"'Bloomberg, October 2 - "BMW Rules Out Investing in New Northvolt Funding Round"
And via Yahoo Finance, October 5 - "Northvolt’s Funding Travails Hit Battery Projects from Germany to Canada"
Finally Forbes, October 5 - "Sweden’s Environmental Minister Reiterates No Bail Out For Northvolt"
There was a reason we titled September 5's post "Portents" - "Portents: Sweden's Northvolt may postpone $5bn Quebec battery plant by up to 18 months". It was a sign of things to come, including September 25's Batteries: "Sweden’s Northvolt to Cut 20% of Staff Amid Liquidity Crunch"
