Northvolt AB, a Swedish battery cell manufacturer, has filed for Chapter 11 bankruptcy in the US, marking a significant setback for the European electric vehicle industry. The company, which produces various types of battery cells, is struggling with substantial debt and limited cash reserves. The bankruptcy filing is expected to provide access to new financing, allowing Northvolt to restructure and continue operations while meeting obligations to employees and vendors. CEO Peter Carlsson will step down, and the interim chairman emphasized the importance of this move for establishing a European industrial base for battery production.