Northvolt Layoffs: Swedish Battery Maker To Lay Off Unspecified Employees Amid Cost-Cutting Measures
Swedish battery maker Northvolt is considering layoffs and suspending cathode active material production at its gigafactory in Skelleftea amid cost-cutting strategy.
New Delhi, September 10: Northvolt, a Swedish battery maker, is reportedly considering layoffs as part of its strategy to reduce costs. The company, known for producing batteries for electric vehicles. While the exact number of employees to be affected remains undisclosed, the decision to lay off amid cost-cutting measures can be seen as to streamline its operations.
As per a report of Reuters, Swedish battery maker Northvolt is considering job cuts in an effort to save costs. The company reportedly planning to suspend the production of cathode active material at its gigafactory in Sweden. The decision can be seen as part of a cost-cutting plan to reduce expenses as the company scales back its rapid expansion. Unfortunately, this plan may result in job losses for some employees. Bending Spoons Layoffs: Italy-Based App Developer Company To Lay Off 75% of WeTransfer Employees Post Deal; Check Details.
Northvolt's gigafactory has not yet reached its full production capacity since it started operating in 2021. As per the company's 2023 annual report, the gigafactory currently employs approximately 3,500 employees and Northvolt has a total workforce of over 5,000 employees.
Northvolt is investing a significant amount of money in lithium-ion battery production to support the region's car manufacturers as they transition to electric vehicles. The battery maker has reportedly decided to temporarily halt the production of cathode active materials (CAM) at its gigafactory in Skelleftea. It means that the company will need to import these materials instead. Northvolt is now prioritising its large-scale cell manufacturing operations following a thorough review caused by a series of challenges and setbacks. Lyft Layoffs: Ride-Hailing Company To Sell Bike, Scooter Assets and Lay Off Around 1% of Its Employees Amid Restructuring Efforts.
According to reports, Northvolt announced on Monday that it will begin discussions with potential partners and investors regarding its upcoming factory in Gdansk, Poland. The company emphasized its commitment to its planned gigafactories in Germany and Canada, as well as its joint venture with Volvo Cars in Gothenburg, Sweden. However, there is a possibility that these projects may experience some delays.
(The above story first appeared on LatestLY on Sep 10, 2024 11:22 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).