Here is a preliminary five whys analysis of Northvolt’s bankruptcy based on recent research: After reporting a $1.2 billion loss in 2023 and $128 million in revenue, per the Journal, and holding a mere $30 million in cash this month, the company could not service its $5.8 billion in debt, according to the Financial Times.

The CEO of Northvolt, Peter Carlsson, today resigned amongst ongoing fallout from the Swedish EV battery maker’s U.S. Chapter 11 bankruptcy filing.

Beleaguered Swedish battery manufacturer Northvolt announced on Thursday that it was filing for bankruptcy in the U.S., striking a blow to Europe’s ambitions for homegrown lithium-ion batteries.

The company’s woes are symptomatic of a wider malaise among companies that make batteries for electric vehicles.

Northvolt transformed in a matter of months from Europe's best shot at a homegrown electric-vehicle battery champion to a struggling company.

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

The chief executive of Northvolt stepped down on Friday, shortly after the Swedish battery maker filed for Chapter 11 bankruptcy protection in the U.S.