Battery giant Northvolt to cut 25% of Swedish workforce in cost-cutting drive

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Battery giant Northvolt to cut 25% of Swedish workforce in cost-cutting drive

Employees of the State Archaeological Office have hung pictures of finds from a construction trailer during a main archaeological investigation on the Northvolt site. 

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Battery maker Northvolt on Monday announced plans to cut a total of 1,600 jobs in Sweden as part of a major cost-cutting drive.

In an update published via its website, Northvolt said that following initial steps taken as part of a strategic review, the company had revised its scope of operations in Sweden “to ensure that its resources are focused on accelerating production in large-scale cell manufacturing at Northvolt Ett.”

It added that these measures were expected to result in the redundancy of roughly 1,600 employees, including 1,000 positions at its factory in Skellefteå in the north of the country.

Based in Stockholm, Sweden, Northvolt is one of Europe’s most valuable privately-held tech firms that builds lithium-ion batteries for the electric vehicle industry. It has partnerships with a number of major ********* automakers, including Volkswagen and Volvo.

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— CNBC’s Ryan Browne contributed to this report.

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