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Northvolt reduces workforce to 1700 amid bankruptcy and asset sale efforts

Swedish battery manufacturer Northvolt AB is in bankruptcy, reducing its workforce from 7,000 to 1,700 employees as it scales back operations. Bankruptcy trustee Mikael Kubu stated that limited operations are essential for a potential sale, with the company's assets currently up for sale under court direction. Despite raising around US$10 billion since its founding in 2016, Northvolt has faced significant operational challenges and rising liabilities, resulting in substantial losses for stakeholders.
Tech in Asia
Northvolt AB SWE Mert Kubu
Business & Industry, News Article
04:20 01.04.2025
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