Northvolt Announces 1,600 Layoffs Amid Financial Struggles

Despite the job cuts in Sweden, the $7-billion Quebec EV battery plant remains on track, though potential delays loom.

Northvolt will lay off 1,600 employees in Sweden, affecting 20% of its global workforce due to financial pressures and lower-than-expected EV demand.
The layoffs will impact plants in Skellefteå, Västerås, and Stockholm, with 1,000, 400, and 200 job cuts respectively.
Quebec's $7-billion battery plant project will proceed, although a strategic review may lead to delays of up to 18 months.
Quebec's government has invested $710 million in the Northvolt project, drawing criticism from opposition leaders for lack of transparency and financial risk.
Northvolt's financial challenges include a canceled $2.1 billion BMW order and increased competition from Chinese battery manufacturers.