Swedish battery company Northvolt announced Monday it is cutting 25 percent of its workforce in Sweden, or 1,600 people, as slowing electric vehicle sales cut demand.
The bulk of the positions are in Skellefteå, home of the company’s gigafactory expansion project that was supposed to add 30 gigawatts of annual cell manufacturing capacity. The project is suspended, the company announced.
It is also scaling back operations at its research and development hub in Västerås.
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“The decisions we’re taking today, however tough, are required for Northvolt’s future,” Northvolt CEO Peter Carlsson said in a press release.
