Swedish battery maker Northvolt said on Monday it would cut costs and explore future strategic partnerships.
Swedish battery maker Northvolt said on Monday it would cut costs and look for strategic partners while focusing on its large-scale cell manufacturing as the company seeks to curb its rapid expansion.
Cost cuts would include adjusting the workforce and pausing cathode active material production at Northvolt's gigafactory in Skelleftea in Sweden, it said. "With the strategic review now underway, we are having to take some tough actions for the purpose of securing the foundations of Northvolt's operations to improve our financial stability and strengthen our operational performance," it said.
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