The company and its assets will be sold after it filed for bankruptcy in Sweden, sinking Europe’s best hope for competing against Asian rivals.

Northvolt, the Swedish maker of battery cells for electric vehicles, said on Wednesday it has filed for bankruptcy in Sweden, bringing to an end Europe's best hope of developing a rival to major Asian EV battery players.

Debt-ridden Swedish electric vehicle battery manufacturer Northvolt said on Wednesday it has filed for bankruptcy in its home market. The move includes all of the group's Swedish units, but not its subsidiaries in the United States and Germany,