Struggling Swedish EV battery maker Northvolt filed for U.S. Chapter 11 bankruptcy protection on Thursday after failing to establish a funding plan, Marie Mannes, Alessandro Parodi and Stine Jacobsen wrote for Reuters. The Volkswagen (VWAGY) and Goldman Sachs (GS)-backed battery maker said this past week that it needs $1B-$1.2B in a restructuring effort, the story added. According to the Reuters story, International Energy Agency data show that “China has taken a huge lead in powering EVs, controlling 85% of global battery cell production.” Companies in the EV battery space include: Albemarle (ALB), Tesla (TSLA) and QuantumScape (QS), Nio (NIO), XPeng (XPEV), Li Auto (LI) and BYD (BYDDF).
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