Northvolt’s story isn’t just about the big bucks of its big backers. It has doled out some important lessons about what’s wrong with current strategies Western nations are using to compete with China

This move is part of a strategic effort to restructure debt, scale operations and secure a sustainable foundation for continued operations.

Northvolt's financial collapse deals a blow to Europe's plan to set up its own battery industry to power electric cars, stirring a debate about whether it needs to do more to attract investment as startups struggle to catch up with Chinese rivals.

Sweden’s ambitions of having a strong electric vehicle (EV) battery industry are overshadowed by the financial collapse of battery maker Northvolt. Last month, Northvolt summarily rejected the headhunter’s scheme and filed for Chapter 11 bankruptcy protection in the United States,