EV Battery Maker Northvolt Cuts Jobs Amid Declining Electric Vehicle Demand
Northvolt, a major EV battery manufacturer, has laid off staff and cut back on investments due to declining demand for electric vehicles. The company aimed to compete with China, the leading producer of EV batteries, but lower consumer interest has made the market risky. Investors are hesitant to fund new battery ventures as Chinese suppliers maintain a competitive edge. Tariffs restrict Chinese EV and battery sales in the U.S., adding further challenges for Northvolt.
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