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Europe’s leading battery maker is to slash jobs and scale back its commitments as the “challenging” market for electric vehicles bites manufacturers.

Northvolt, the Swedish company which raised £10bn to challenge China’s dominance of batteries, today pledged to refocus efforts on improving its struggling factory in Skellefteå and cutting costs.

This will involve “a re-scope of operations and appropriate resizing of our workforce”, an announcement said.

The company, which counts German car giants BMW and Volkswagen among its backers, also said it would sell or seek investment from outside partners in its energy storage business.

It is the latest business to scale back its investment plans as a slowdown in EV sales spooks the automotive industry.

Last week, Volkswagen warned that it could be forced to close a factory in Germany for the first time and make large cost savings as it manages the transition away from petrol cars.

The Telegraph

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