Swedish automotive battery maker Northvolt, which declared bankruptcy in March, plans to wind down its remaining battery cell production in the Nordic country by the end of June, its trustee said on Thursday, Reuters reported. Northvolt filed for bankruptcy in Sweden on March 12, making it one of the country's largest corporate failures and effectively ending Europe's best hope of developing a rival to challenge China.

Swedish and Norwegian policymakers left their key rates unchanged Thursday, mirroring the Federal Reserve’s decision to hold a day earlier as they assess the economic impact of tariffs, the Wall Street Journal reported. Sweden’s central bank held its key policy rate at 2.25% but suggested that further rate cuts could be on the horizon if U.S. President Trump’s tariff hikes threaten to weaken economic growth and push inflation lower. Policymakers said that uncertainty in the global economy has increased significantly since Trump took office, not least as a result of the new U.S.

Volvo Cars' battery company Novo Energy said on Monday it will cut its workforce by 50% to reduce costs after evaluating its business to take account of the bankruptcy of Sweden's Northvolt, which originally co-owned the venture, Reuters reported. "Despite our best efforts to secure our business and an extensive ongoing search for a suitable new technology partner, the current economic challenges and market conditions have made it impossible to maintain our operations at the current scale," Novo Energy CEO Adrian Clarke said in a statement.

Volkswagen's truckmaker Scania said on Friday it had agreed to buy bankrupt Northvolt's division that makes battery packs for heavy industry, reviving a transaction first presented in February, for an undisclosed price, Reuters reported. Sweden's Northvolt filed for bankruptcy last month in one of the country's largest corporate failures, bringing to an end Europe's best hope of developing a rival to Asian electric vehicle battery makers.

Bankrupt battery maker Northvolt AB will continue to operate in Sweden with a staff of 1,700 while its remaining employees will be laid off, Bloomberg News reported. “Despite significant reductions, it is positive that the business can continue to some extent, which is likely crucial to enabling a full or partial sale of the business,” Northvolt’s bankruptcy trustee, Mikael Kubu, said in an emailed statement.

Northvolt, the Swedish electric vehicle battery startup, has filed for bankruptcy in Sweden, marking the end of a company once seen as Europe’s best hope of challenging the dominant Asian battery industry, The Guardian reported. The company said in a statement that it had been unable to “secure the necessary financial conditions to continue in its current form” in Sweden. After the bankruptcy filing, a court-appointed trustee will oversee the sale of Northvolt’s business and assets while settling its outstanding debts.

Truckmaker Scania is willing to go ahead with purchasing the only profitable business of bankrupt battery maker Northvolt for $6 million, it said on Wednesday, Reuters reported. Northvolt filed for bankruptcy on Wednesday, bringing to an end Europe's best hope of developing a rival to major Asian electric vehicle battery players. Any potential asset sales are also suspended for now. The Swedish battery maker had for months attempted to sell some of its non-core businesses to try to rescue the main operations that produce battery cells for electric vehicles.

Northvolt, the Swedish maker of battery cells for electric vehicles, may be close to filing for bankruptcy in Sweden, Swedish newspaper Dagens Nyheter (DN) reported on Tuesday, Reuters reported. Northvolt sought U.S. chapter 11 bankruptcy protection in November last year as its cash pile dwindled, trying to secure funds that would allow it to fix persistent problems in scaling up output at its flagship plant in northern Sweden.

Swedish truckmaker Scania, a shareholder and customer of struggling battery maker Northvolt, told Reuters on Monday it had secured an additional supplier of battery cells, Reuters reported. Scania in January stepped in to help Northvolt with the day-to-day running of its flagship plant in northern Sweden in an effort to boost quality and output at the electric vehicle battery maker.