Northvolt Layoffs: Swedish EV Battery Marker Cuts More 800 Jobs at Ett Factory Affecting Total 1,200 Workers After Negotiations With Unions End, Says Report

Stockholm, October 23: Swedish EV battery maker Northvolt announced the layoffs of 1,200 factory workers after the negotiations with the unions ended. The company previously announced a reduction of 20% of its total workforce due to a cash crunch. The Northvolt layoffs were estimated to affect nearly 1,600 employees from various cities, including Skelleftea, Vasteras and Stockholm. A report said that the EV battery maker would let go of employees from its Ett plant.

According to a report by Bloomberg, Northvolt previously announced that it would let go of 400 workers from the Ett plant and lay off around 800 people as the Union negotiations ended. The negotiations with the IF Metall union ended, leading to job cuts at the plant’s key manufacturing site. The latest round of Northvolt layoffs is part of previously announced measures to reduce around a thousand jobs at the plant. Northvolt Layoffs: Swedish EV Battery Maker To Lay Off 1,600 Employees, 20% of Its Global Workforce Amid Financial Difficulties.

The Northvolt Ett plant in northern Sweden is Europe’s first homegrown gigafactory for manufacturing lithium-ion batteries for electric vehicles. The company said that the factory aimed to fulfill the needs of the electric world. The Ett plant consumes 360 MW of power and has more than 3,500 people working, which amounts to 9% of  Skellefteå’s workforce and 300 robots. Last month, EV battery manufacturer Northvolt said it paused the expansion plans and focused on increasing its production at its factory in Skelleftea. Fidelity International Layoffs: Global Financial Firm To Lay Off Around 500 Employees at Technology and Operations Centres in Dalian, China.

The company reportedly adopted the cost-cutting measures due to the industry facing ‘lower than expected’ demand and a slowdown in the electric vehicle market.  The company said it would enhance the facility in the Ett factory and increase its production capacity by 30 gigawatt-hours per year. This was announced to focus on the production of CAM (cathode active material), a very crucial component in the manufacturing of complete battery cells,

(The above story first appeared on LatestLY on Oct 23, 2024 01:57 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).