The French miner was this year given a sales quota by the Asian nation that was 29% less than it expected.
Peter Carlsson, co-founder and leader of Northvolt since 2016, will remain as advisor as he quit a day after the firm filed for bankruptcy.
The company changed its board of directors and plans to spin out non-core assets La Verde, Capricho, and Paco Orco into a new company.
The miner may cut its labor costs by 10%, which could involve layoffs among its 35,000 staff.
