The group 'watered' by European institutions and several governments declares bankruptcy with a debt of 8 billion. The European hope to compete with China in one of the strategic products of the moment fades away.

After BMW nixed its battery supply deal with the Swedish battery maker that once aimed to rival firms from China and Korea, a turnaround was looking increasingly unlikely.

Swedish electric car battery maker Northvolt has filed for bankruptcy in Sweden, dealing a blow to European efforts to challenge Asia's dominance in the key sector. Founded in 2016, Northvolt has struggled under a mountain of debt,