Swedish maker of battery cells for electric vehicles says it has enough cash to support operations for only a week

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The chief executive of Northvolt has resigned, after the Swedish battery startup filed for bankruptcy protection in the US.

Peter Carlsson, who has led Northvolt since 2016, will step aside with immediate effect, the company said on Friday. Carlsson said Northvolt, which is widely seen as a leading player in European efforts to build an electric vehicles battery industry, needs to raise between $1bn (£800m) and $1.2bn in order to restore the business.