STOCKHOLM (Reuters) – Swedish battery maker Northvolt said on Monday it would cut costs and explore future strategic partnerships while focusing on its large-scale cell manufacturing as the company continues to scale back its rapid expansion.
The announcement follows a major review of Northvolt’s strategy intended to refocus its business following a series of setbacks such as production delays and the cancellation of a large order by Germany’s BMW.
“These measures reflect a challenging macroeconomic environment and our subsequent reassessment of Northvolt’s near-term priorities,” the company said in a statement.
(Reporting by Anna Ringstrom, editing by Terje Solsvik)
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