The German battery manufacturer, co-owned by BMW heiress Susanne Klatten, has filed for bankruptcy for its key divisions.

BMZ Group, a company producing battery systems, announced that two of its divisions have filed for insolvency. The parent company BMZ Holding was also expected to declare bankruptcy. Klatten owns about a fifth of BMW and is among the richest people in Germany.

Swedish battery manufacturer Northvolt, once considered a European leader, went bankrupt last year. Other manufacturers, including the German Varta, have also been forced to undergo restructuring.

✨ The news about the economic woes of Germany really are starting to get repetitive. A new story every day.

⚡️Two Majors