Northvolt plans to cut 1,600 jobs at its base in Sweden, or about a fifth of its global workforce, as Europe's biggest hope in the electric vehicle battery market struggles with production problems, sluggish demand and competition from China.
The entrance to Northvolt, the new EV battery plant being built by the Swedish manufacturer in Saint-Basile-le-Grand, east of Montreal, Que.,Thursday, May 16, 2024. Northvolt plans to cut 1,600 jobs at its base in Sweden, or about a fifth of its global workforce, as Europe's biggest hope in the electric vehicle battery market struggles with production problems, sluggish demand and competition from China.
Northvolt said on Monday it would focus on ramping up the first 16 gigawatt-hours of annual battery cell production capacity at Northvolt Ett, while shelving a construction project that had aimed at increasing its capacity by another 30 GWh. The company's R&D hub, Northvolt labs, will slow all programs and expansion, while maintaining the fundamental platforms, it said.
It lost US$1.2 billion last year, up from a US$285 million loss the year before. Its cash on hand at the end of 2023 was US$2.13 billion. Sudbury, Ont., police cleared in incident where suspect suffered broken neck during struggle with officers: SIU A Soyuz capsule carrying two Russians and one American from the International Space Station landed Monday in Kazakhstan, ending a record-breaking stay for the Russian pair.If something looks too good to be true, it might be. That's the message from Saskatchewan horticulturists after customers have come into their stores hoping to buy purple apple trees this month.
Chicago White Sox lose their 120th game, and with six games to go, could break the MLB's all-time recordThe U.S. Commerce Department on Monday will propose a ban on the sale or import of smart vehicles that use specific Chinese or Russian technology because of national security concerns, according to U.S. officials.
Two people from Charlottetown are dead and a third person is injured after a minivan collided with a truck in Melrose, N.B., Sunday afternoon.A woman is dead and a man is injured after they were hit by a truck in Glace Bay, N.S., Saturday night.The autumnal equinox occurred at 9:43 a.m. Sunday for the Maritimes, which was appropriate as a more typical “fall feel” returned to the air in contrast to the late summer heat of much of last week.
Two people have been arrested following a suspicious death investigation in London. As previously reported, it was around 6 p.m. on Friday when first responders were called to Kathleen avenue for a "check welfare investigation."Police in Barrie are investigating an alleged armed robbery at a convenience store over the weekend that resulted in significant damage.
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