Northvolt's decision to lay off 1,600 employees reflects financial struggles and a shift in focus toward existing customers amid a challenging EV market.
Peter Carlsson, Northvolt's CEO, emphasized the need for "tough" choices to navigate the "headwinds in the automotive market and wider industrial climate."
After BMW withdrew from a substantial $2.1 billion order, Northvolt faces mounting challenges, including a recent series of fatalities among its workforce.
The layoffs at Northvolt coincide with a broader trend in the EV sector, where companies like Tesla and Rivian have also reduced their workforce.
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