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Swedish battery maker Northvolt AB is working to halt a financial tailspin by pausing some production at its flagship factory and cutting jobs as it comes to gripsThe initial steps of its strategic review also include seeking partners for facilities in Poland, Northvolt said Monday in a statement, without specifying the size of any workforce reductions from among its about 6,000 staff.
The company is pausing operations at its Northvolt Ett Upstream 1 cathode material production facility until further notice, according to the statement. Northvolt said it remains committed to its facilities NOVO in Sweden, Northvolt Drei in Germany and Northvolt Six in Canada and is in close dialog with the key stakeholders.
There’s also been a sharp decline in electric vehicle sales in Europe as there aren’t enough affordable models to move past early adopters and the wealthy, and reduced government incentives have further sapped customer interest. The EVs that are sold are increasingly Chinese — or American — with BYD Co. and Tesla Inc. selling more than local manufacturers combined.
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