Battery Maker Northvolt to Cut Costs as E.V. Demand Slumps in Europe

Published On Sep 9, 2024, 12:38 PM

Northvolt, a Swedish battery manufacturer, announced job cuts and plans to seek partnerships and streamline operations in light of declining demand for electric vehicles in Europe. The company is experiencing challenges due to competition from Chinese manufacturers and has decided to pause production of cathode materials while focusing on its main gigafactory. Northvolt has reported significant financial losses and is facing a drop in demand for battery-powered vehicles in the EU, which grew only 1.3% in the first half of 2024 compared to 14.6% the previous year.