EV battery maker Northvolt goes bankrupt

By the numbers: Northvolt had raised over $6 billion in equity funding since 2017, from a large investor group that included Goldman Sachs, Baillie Gifford, IKEA, Siemens, Baron Funds, and AP-fonden. Plus automakers like BMW and Volkswagen.

• It also took on billions of dollars in debt.

The bottom line: Northvolt isn't dead yet, as its restructuring plan includes $245 million in new financing. But its equity backers are wiped out, and the episode could cause European automakers — and maybe some U.S. automakers — to further perseverate on the largescale transition to EVs.