Europe’s attempt at building a battery manufacturing powerhouse announced that it had halted work on a factory expansion and laid off about 20% of its employees.

Battery maker Northvolt on Monday announced plans to cut a total of 1,600 jobs in Sweden as part of a major cost-cutting drive.

GREEN BATTERY manufacturer Northvolt has plans to cut 1,600 jobs across its operations in an ongoing effort to survive in the “challenging macroeconomic climate” of the European EV market.

Swedish battery maker Northvolt AB will shed 20% of its headcount globally and suspend the expansion of its main factory in Northern Sweden to stem a financing crunch as electric-vehicle demand slows.

Swedish electric vehicle battery manufacturer Northvolt says construction of a $7-billion plant on Montreal's South Shore will proceed as planned, despite announcing on Monday its intention to lay off 1,

Swedish battery maker Northvolt plans to lay off 1,600 employees in Sweden, including 1,000 positions at its Northvolt Ett factory in Skelleftea in the north of the country, the cash-strapped company said on Monday.

Northvolt’s job losses amount to 25% of its Swedish staff, and 20% worldwide.

Swedish battery maker Northvolt said on Monday it was cutting a fifth of its workforce and scaling back expansion plans in response to "headwinds."

STOCKHOLM (Reuters) -Swedish battery maker Northvolt plans to lay off 1,600 employees in Sweden, or around one fifth of its global workforce, as slower than expected demand for electric vehicles takes a heavy toll on the auto industry.