Swedish battery maker Northvolt to cut 1,600 jobs amid automotive headwinds

Volkwagen (VWAGY)-backed Swedish battery maker Northvolt announced plans to downsize in some areas..The company said, in part,earlier: “Following initial steps taken as part of its strategic review, Northvolt outlines a revised scope of operations in Sweden to ensure that its resources are focused on accelerating production in large-scale cell manufacturing at Northvolt Ett. These measures are expected to result in the redundancy of approximately 1,600 Northvolt employees, split across Skellefteundefined , Vasterundefineds and Stockholm . All redundancies are subject to ongoing union negotiations..Peter Carlsson, CEO and Co-Founder of Northvolt, commented: “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. We now need to focus all energy and investments into our core business. Success in the ramp-up of production at Northvolt Ett is critical for delivering to our customers and enabling sustainable business operations. Recent production records at Northvolt Ett show that we are on the right path, but the decisions we’re taking today, however tough, are required for Northvolt’s future.”…The Fly notes that German automaker BMW (BMWYY) canceled a $2.15B order for EV battery cells with Northvolt in June…Other companies in the electric vehicle battery space include: BYD (BYDDF), Albemarle (ALB), Panasonic (PCRFY), QuantumScape (QS), FMC Corporation (FMC), and Tesla (TSLA). Volkwagen (VWAGY)-backed Northvolt announced plans to downsize in some areas..