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Northvolt will cut one in five jobs and suspend the expansion of its main gigafactory as Europe’s leading battery maker fights for survival.
The group said on Monday that it would cut 1,600 jobs in Sweden — a quarter of its workforce in its home country — as part of its effort to attract new capital from investors.
“While overall momentum for electrification remains strong, we need to make sure that we take the right actions at the right time in response to headwinds in the automotive market, and wider industrial climate,” said chief executive Peter Carlsson.
He added that the group now needed “to focus all energy and investments into our core business”.
This is a developing story
