The cold snap in the electric car market first hit just outside the Arctic Circle, where Swedish battery pioneer Nortvolt set up its first factory. The group announced Monday that it was preparing to abandon operations and cut jobs. “No final decision has yet been made on the extent of this restructuring,” the group said in a statement.
“We need to make difficult decisions to secure the foundations of Northvolt’s operations in order to improve our financial stability and strengthen our operational performance,” said Group CEO Peter Carlsson. Northvolt currently has 7,000 employees.
