In a big blow to the volatile and cutthroat electric vehicle industry, Swedish EV battery manufacturer Northvolt will be split up and sold after filing for bankruptcy in its native Sweden.According to a statement,

Northvolt said a Swedish court-appointed will oversee the bankruptcy process, including the sale of the business and its assets and settlement of outstanding obligations. Struggling electric vehicle battery manufacturer Northvolt on Wednesday said it has filed for bankruptcy in Sweden.

The future of battery manufacturer Northvolt's planned factory in northern Germany has been cast into doubt after the Swedish company filed for bankruptcy on Wednesday. Operations for Northvolt's German subsidiary are to continue,