Northvolt says it must reduce its total workforce by 20% and its Swedish workforce in particular by 25% to stay afloat.

Siemens aims to transform the eMobility business into a “more agile, focused and efficient market player” with greater freedom to pursue external partnerships.

The slower-than-expected transition to electric vehicles is one of the main factors behind the decision to restructure the business, though Northvolt’s CEO and co-founder, Peter Carlsson, said, “there remains no question that the global transition towards electrification — and the long-term outlook for cell manufacturers, including Northvolt — is strong”.

The company cut 300 jobs in the U.S. and Canada amid financial pressure as it seeks profitability. The cuts came in the manufacturing and administrative segments of the business.

The formal split and formal establishment of the two entities will take place at the start of the next fiscal year, i.e. April 1, 2025.

On 9 August, the Royal Bank of Canada and Export Development Canada served Vicinity Motor letters demanding full and immediate payment of outstanding debt balances, totalling nearly USD28m.

Across its many German locations, ZF intends to shed between 11,000 and 14,000 employees over the next four years (from a current total of approximately 54,000) in order to cut costs and consolidate its operations.

Bangston, who replaces Jeff Sather in the leadership role at FCCC, will lead the two DTNA subsidiaries under a new structure where he is responsible for key business areas in Specialty Vehicles.

The Mellor and Treka sales teams, which were previously separate from one another, will be combined under the joint leadership of three newly elected sales personnel.

The new Power division will gradually take over the activities and product portfolios of the existing Powertrain Systems and Thermal Systems divisions.

The company says that, over the last few years, it has implemented an “ambitious strategic roadmap” towards becoming a “leading player” in sustainable and connected mobility.

Relaunch of the business is now underway with a team of around 150 employees who are focusing on bringing the 16-tonne and 18-tonne battery electric truck models back to the European market.