Spokesperson for Minister for Economy, Innovation and Energy said the company’s $7-billion battery factory near Montreal is not affected by Northvolt’s cuts
The entrance to Northvolt, the new EV battery plant being built by the Swedish manufacturer in Saint-Basile-le-Grand, Que. on May 16.Sweden’s Northvolt AB is cutting a fifth of its global work force as it reins in expansion plans in the face of a downturn in demand forNorthvolt said on Monday it is laying off 1,600 employees at plants located in its home country to focus on boosting production at its main factory and serving its current roster of automotive customers. Earlier this month,.
In a statement to The Globe and Mail, the office of Christine Fréchette, Quebec’s Minister for Economy, Innovation and Energy, called the situation a “controlled risk. The government said it is in constant contact with the company, and has been assured the project is not affected by the latest round of cuts.
Northvolt is ratcheting back its expansion strategy as automakers such as General Motors Co., Ford Motor Co., Volvo Car AB and Volkswagen AG temper their EV outlooks and spending to deal with high capital costs and some resistance among car buyers, who face sticker shock and still-spotty charging infrastructure. In June, BMW cancelled a US$2.15-billion order for Northvolt battery cells.
The battery maker is also slowing programs at its Northvolt Labs facility in Västerås, Sweden, while reducing corporate support staff numbers in Stockholm, it said.“The decisions are, however, necessary to adjust for current realities and enable the long-term success of Northvolt,” he said.
Canada News Breaking News Video Canadian Breaking News Breaking News Globe And Mail Breaking News Globe And Mail Canada News Photos World News Local News National News Us News Foreign News Sports News Arts News Life News Lifestyle Canada Traffic Canada Weather Trudeau Government Federal Government Canada Sports Canada Sports News Politics Politics News Political News Political Opinion Environment Economy Technology Education Travel Canada Alberta Bc British Columbia Manitoba Ontario Quebec Nova Scotia Pei New Brunswick Newfoundland And Labrador Nunavut Northwest Territories Yukon Globe And Mail
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Northvolt announces 1,600 layoffs in Sweden, insists Quebec EV battery plant won't be affectedAn aerial view of the land being developed by Northvolt, the new EV battery plant being built by the Swedish manufacturer in Saint-Basile-le-Grand, Que., southeast of Montreal.
Read more »
Legault wants Bloc to help trigger election, vote against Trudeau Liberals in non-confidence motionQuebec Premier François Legault speaks to reporters at the National Assembly on Thursday in Quebec City.
Read more »
Legault wants Bloc to end support of Trudeau's Liberals ahead of non-confidence voteQuebec Premier François Legault speaks to reporters at the National Assembly on Thursday in Quebec City.
Read more »
Battery maker Northvolt moves ahead in Canada but at slower paceElectric vehicle battery maker Northvolt is moving ahead with plans to open a C$7 billion battery plant in Canada but at a slower pace in light of its...
Read more »
Pierre Fitzgibbon, Quebec political heavyweight, is stepping down as economy ministerQUÉBEC — Quebec Economy Minister Pierre Fitzgibbon, a central figure in the Coalition Avenir Québec government, is stepping down.
Read more »
Pierre Fitzgibbon, Quebec political heavyweight, is stepping down as economy ministerQUÉBEC — Quebec Economy Minister Pierre Fitzgibbon, a central figure in the Coalition Avenir Québec government, is stepping down.
Read more »