Northvolt is reducing its global workforce by 20%, laying off 1,600 employees, to reduce cash outflows and focus on raising production amidst financial pressures.
The challenges Northvolt faces threaten Europe's EV battery ambitions, compounded by production slowdowns, declining demand, intensified competition, and health and safety issues.
In a strategic move, Northvolt is pausing expansion plans and reassessing its funding as it confronts mounting debt and cash flow challenges.
With Volkswagen’s backing, Northvolt is striving to stabilize operations in Skelleftea by increasing battery-cell production, crucial to generate the needed revenue.
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