Comment on Another blow for electric vehicle drive as battery startup Northvolt lays off 1,600 workers

Another blow for electric vehicle drive as battery startup Northvolt lays off 1,600 workers

Peter Carlsson is the cofounder and CEO of battery startup Northvolt. NorthvoltEuropean battery firm Northvolt said on Monday it would lay off 1,600 workers.The startup, founded by two former Tesla execs, builds batteries for electric vehicles.Northvolt has struggled financially, with BMW pulling out of a $2.1 billion order in June.A European battery startup founded by two former Tesla executives is cutting a fifth of its workforce amid a darkening outlook for electric vehicles.Swedish battery maker Northvolt announced on Monday it would lay off 1,600 employees and scale back on expansion plans, citing efforts to prioritize its existing customers.Peter Carlsson, CEO and cofounder, said in a press release that the company needed to make "tough" decisions to respond to "headwinds in the automotive market, and wider industrial climate.

 

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