Neta Auto Malaysia clarifies parent firm status, local operations unaffected On May 15, 2025, Neta Auto Malaysia addressed false rumors circulating online about the bankruptcy of its parent company, Hozon Auto. The company clarified that the issue stems from a debt dispute involving a creditor, YuXing Advertising, which filed a bankruptcy application, a standard legal procedure in such cases.  Neta Auto Malaysia confirmed that its local operatio...

News  Updated at: 2025/05/19

Li-Cycle enters bankruptcy protection in Canada, U.S. On May 14, Toronto, Canada-based Li-Cycle Holdings Corp., a lithium-ion battery recycling company, has entered creditor protection under Canada’s Companies’ Creditors Arrangement Act (CCAA) and Chapter 15 in the U.S. to facilitate a financial restructuring. Key developments include: •    Court Protection: The Ontario Superior Court granted an Initial Order, including a stay of proceedi...

News  Updated at: 2025/05/17

Hozon Auto faces bankruptcy review According to information on the National Enterprise Bankruptcy Information Disclosure Platform (NEBIDP) website dated May 13, Hozon New Energy Automobile Co., Ltd. (Hozon Auto), the parent company of Neta Auto, is facing a bankruptcy review filed by Shanghai Yuxing Advertising Co., Ltd. with the Jiaxing Intermediate People’s Court of Zhejiang Province. Established on October 16, 2014, Hozon Auto, with a regist...

News  Updated at: 2025/05/16

Neta Auto Thailand reaffirms continued operations amid parent company rumors On May 15, 2025, Neta Auto Thailand issued a statement to clarify false rumors regarding the bankruptcy of its parent company, Hozon Auto. The company explained that a creditor, Yuxing Advertising, had filed a court petition to assess Hozon Auto’s financial status due to a debt dispute. This is a routine legal process and does not mean the company is bankrupt. Hozon Au...

News  Updated at: 2025/05/15

NOVO Energy, Sweden announces 50% layoffs amid tough market conditions On May 5, NOVO Energy announced that it is implementing cost reduction measures and restructuring its organization to scale down operations. These steps follow an extensive evaluation of its business, following the bankruptcy of its technology partner, Northvolt. The actions will lead to a 50% reduction in NOVO Energy's workforce. All layoff notices are still subject to ongoin...

News  Updated at: 2025/05/06

U.S. auto groups tell Trump tariffs on car parts would bring 'layoffs and bankruptcy' On April 22, a coalition of U.S. auto industry groups urged President Trump not to impose 25% tariffs on imported auto parts on May 3, warning they would cut vehicle sales and raise prices. "Tariffs on auto parts will scramble the global automotive supply chain and set off a domino effect,” the letter said, noting "it only takes the failure of one supplier to ...

News  Updated at: 2025/04/25

TBAuctions, Netherlands announces auction of assets of Northvolt Ett Expansion, Sweden On April 14, TBAuctions, Europe’s leading online auction platform, announced that its brands are managing the sale of assets from the bankruptcy estate of Northvolt Ett Expansion. The company aims to find new owners for the unused equipment, which has an estimated purchase value of around EUR 300 million, making this one of the biggest bankruptcy auctions in ...

News  Updated at: 2025/04/15

Lucid to acquire Nikola’s plant, development center, hire 300 employees On April 11, the Lucid Group announced it has reached an agreement to acquire facilities and assets in Arizona previously belonging to Nikola Corp., subject to approval by the U.S. Bankruptcy Court for the District of Delaware.The transaction does not include the acquisition of Nikola's business, customer base, or hydrogen fuel cell electric truck technology. Lucid plans to...

News  Updated at: 2025/04/12

Two Bohai Auto German subsidiaries to file for bankruptcy Bohai Automotive Systems Co., Ltd. (Bohai Auto) announced that impacted by multiple factors, Bohai Automotive International GmbH (Bohai International), a German wholly-owned subsidiary, and Bohai Trimet Automotive Holding GmbH (BTAH), a Bohai International wholly-owned subsidiary, suffered declines in order quantity and operating revenue, with mounting losses. A major supplier to BTAH rec...

News  Updated at: 2025/04/08

Northvolt cuts workforce to 1,700 in Sweden On March 31, Ackordscentralen, Northvolt’s bankruptcy trustee, announced that Northvolt’s bankruptcy estates had reached a principal agreement with relevant stakeholders regarding financial guarantees to continue operations. The agreement is expected to be formalized in the coming days. The ongoing operations under the bankruptcy proceedings will involve around 1,700 employees from the Swedish entit...

News  Updated at: 2025/04/01

ing after that. Milton resigned in September 2020 amid reports of fraud that sent the company’s stock prices into a tailspin, with investors suffering heavy losses. With Class 8 BEVs that at one point have all had to be recalled, and few FCEV trucks sold to date, Nikola Corp. filed for Chapter 11 bankruptcy protection in February 2025. (Detroit News and other sources on March 28, 2025)...

News  Updated at: 2025/03/29

e filed. Once the Nasdaq delisting on Form 25 becomes effective, Nikola intends to file a Form 15 to deregister with the SEC. Nikola previously announced on February 19, 2025 that it had filed voluntary petitions for relief under chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware. Nikola headquarters is based in Phoenix, Arizona with a manufacturing facility in Coolidge, Arizona. (N...

News  Updated at: 2025/03/26

Ola Electric, India subsidiary faces insolvency petition over alleged payment default On March 15, Ola Electric Mobility Limited announced that a petition had been filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Rosmerta Digital Services Limited is an operational creditor of Ola Electric Technologies Private Limited, a wholly owned subsidiary of Ola Electric Mobility Limited. The petition, submitted before the Na...

News  Updated at: 2025/03/17

next-generation Jeep Compass.    •    Volkswagen subsidiary PowerCo has done little other than level land at its CAD 7 billion EV battery plant in St. Thomas, Ontario.   •    Northvolt, which had planned an EV battery plant 25 km east of Montreal, announced on March 12 it had filed for bankruptcy.  (multiple sources on March 13, 2025)...

News  Updated at: 2025/03/14

Northvolt files for bankruptcy in Sweden On March 12, Northvolt announced that it has filed for bankruptcy in Sweden after an extensive effort to find a sustainable financial and operational path. Despite pursuing all efforts to negotiate and implement a financial restructuring, including Chapter 11 in the U.S. and support from lenders, the company couldn’t secure the funds needed to continue in its current form. The Board decided bankruptcy is...

News  Updated at: 2025/03/12

Nikola begins voluntary Chapter 11 sale process in bankruptcy court On February 19, Nikola Corp. announced that the company and certain of its subsidiaries have filed voluntary petitions under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Nikola has also filed a motion seeking authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code. Nikola filed a nu...

News  Updated at: 2025/02/20

d on the Shanghai Stock Exchange (SSE) that it was renamed Chongqing Qianli Technology Co., Ltd. (Qianli Technology). The abbreviation of corporate securities will change from Lifan Technology to Qianli Technology on February 18, while the corporate stock code will remain unchanged at 601777. After bankruptcy reorganization, Lifan Technology gradually resumed automotive business, with overall operations developing steadily. To improve the corpora...

News  Updated at: 2025/02/17

Nikola nears bankruptcy in U.S. Nikola Corp. is nearing a bankruptcy filing, according to people familiar with the matter. Arizona-based Nikola has recently been working with its law firm Pillsbury Winthrop Shaw Pittman to explore options that could include a sale or restructuring of the company in bankruptcy, the people said. A Nikola representative has stated that the company is still assessing its financial position and liquidity needs, also n...

News  Updated at: 2025/02/11

Volvo Cars takes full ownership of NOVO Energy, Sweden On January 29, Volvo Cars and Northvolt AB signed a share purchase agreement relating to Northvolt’s shares in NOVO Energy AB, leading to Volvo Cars taking full ownership of NOVO Energy AB, subject to approval by relevant authorities. The transaction is subject to approval from the U.S. Bankruptcy Court for the Southern District of Texas and the Swedish Inspectorate of Strategic Products. B...

News  Updated at: 2025/01/29

Voit, Germany files for bankruptcy On January 23, multiple sources reported that Voit Automotive, a German automobile supplier with production sites in four countries, had filed for insolvency under self-administration.  Last week, the Chinese company Millison Technologies' takeover of Voit failed. Although Voit stated that operations would continue without interruption. The employees' wages would be secured until March 2025 via the insolvency s...

News  Updated at: 2025/01/28