Sweden Declines Stake in Battery Maker Northvolt Amidst Operation Cuts

The Swedish state will not take a stake in Northvolt, a leading battery maker, as confirmed by Prime Minister Ulf Kristersson. Northvolt recently announced it would scale back operations and lay off employees, raising concerns about its future. However, Kristersson emphasized that the company's future rests with its private owners.

The Swedish state will not take a stake in battery maker Northvolt, Prime Minister Ulf Kristersson announced on Monday. Kristersson stated that the company's future should be determined by its private owners.

Northvolt recently revealed plans to downsize its operations and reduce its workforce, leading to concerns that Europe's best chance at a home-grown electric vehicle battery leader might be in jeopardy. 'There is no doubt that we are committed to Sweden being a good place for new technology needed in the green transition, but it is not relevant for the Swedish state to step in,' Kristersson clarified.

Northvolt has not commented following the Prime Minister's remarks. The statement came in response to whether the Swedish government would provide financial assistance to Northvolt.

(With inputs from agencies.)