Europe’s Leading Battery Producer Cuts 20 Percent of Staff Amid Sluggish EV Demand

Published on September 23, 2024

Northvolt, a key player in Europe’s efforts to build an automotive battery industry that can compete with global rivals, has announced plans to cut 1,600 jobs at its base in Sweden, amid sluggish demand for electric vehicles (EV) and stiff competition from Chinese producers. The cuts, amounting to roughly 20 percent of Northvolt’s global workforce, were announced in a Sept. 23 press release, which cited a “challenging macroeconomic climate” that was forcing Europe’s biggest hope in the EV battery industry to adjust its ambitions and narrow the scope of its operations. “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,” Northvolt CEO Peter Carlsson said in a statement. “We now need to focus all energy and investments into our core business.”...

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