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Foreign Staff in a Tight Spot as Northvolt Cuts Down

Crisis-stricken Northvolt, which is to pay over a quarter of a billion kronor to the Tax Agency on Monday, is in acute need of more money from owners and lenders. A crucial piece of the puzzle to get it in place is the reduction of 1,600 employees, which is expected to be completed this week.

Foreign Staff in a Tight Spot as Northvolt Cuts Down

Northvolt source: 150 million euros secured

Crisis-ridden Northvolt is holding talks with lenders and investors to raise 200 million euros, approximately 2. 3 billion Swedish kronor, according to several media outlets citing the news agency Reuters.

Northvolt source: 150 million euros secured

Northvolt CEO: Will pay 287 million kronor according to plan

On Monday, Northvolt must pay a tax debt of 287 million kronor. The alternatives are bankruptcy, reconstruction – or personal payment liability for the board.

Northvolt CEO: Will pay 287 million kronor according to plan

Northvolt owner: The situation is serious

The battery manufacturer Northvolt's cash reserves need to be replenished. Major lenders are meeting today to discuss a new lifeline, according to the news agency Bloomberg.

Northvolt owner: The situation is serious

Northvolt: This is what has happened

On Monday, Northvolt laid off 1,600 of its employees in Sweden. Here is the background to the battery giant's crisis.

Northvolt: This is what has happened

Northvolt lays off – 1,600 forced to leave

1,600 people will be leaving the crisis-stricken battery manufacturer Northvolt. This concerns 1,000 employees in Skellefteå, 400 in Västerås, and 200 in Stockholm.

Northvolt lays off – 1,600 forced to leave

The Union at Northvolt: "Very strained situation"

The situation is strained and acute. This is the picture presented by the management to the trade union at crisis-ridden Northvolt.

The Union at Northvolt: "Very strained situation"

Northvolt hits the brakes - warns employees

The battery manufacturer Northvolt is announcing a series of measures and shutting down part of the factory in Skellefteå, with approximately 300 employees. It's hard to avoid that it's been tough, says Teodor Mellström, local chairman of the academic union.

Northvolt hits the brakes - warns employees

Northvolt's CEO: "We've been a bit too aggressive"

The battery manufacturer Northvolt is considering slowing down its extensive international plans. We have been a bit too aggressive in our expansion plans and that's what we're reviewing now, says CEO Peter Carlsson to Dagens industri.

Northvolt's CEO: "We've been a bit too aggressive"