Northvolt number one and number two shareholders, namely Volkswagen and Goldman Sachs, will write down their stake in the battery maker. What does that mean for the cash-strapped company?

Funds managed by Goldman Sachs will write off nearly $900 million after Swedish lithium-ion battery producer Northvolt filed for Chapter 11 bankruptcy earlier this week, Britain's Financial Times reported on Saturday.

Goldman Sachs (NYSE:GS) will take a nearly $900M hit after Swedish EV battery maker Northvolt filed for chapter 11 bankruptcy protection in the US earlier this week, the Financial Times reported Saturday,

Volkswagen, Northvolt's top shareholder, has significantly written down its 21% stake in the Swedish battery cells maker that filed for bankruptcy protection in the United States last week, two people familiar with the matter said.

Funds managed by Goldman Sachs Asset Management are set to write off almost $900 million on investments in Swedish battery maker Northvolt AB, which filed for bankruptcy protection this week, the Financial Times reported,