Volkswagen Head Leaves Board After Job Cuts at Northern Europe Battery Maker

Stockholm, Sweden - Swedish battery maker Northvolt on Monday confirmed that the head of investments at Volkswagen, Sven Fuhrmann, was leaving the board after media reports indicated he would be stepping down due to production problems, a loss of major customer contract and struggles with funding.

According to the Swedish company, Fuhrmann's departure from the board comes as part of a broader effort to improve performance. In recent months, Northvolt has been slashing jobs in an attempt to address these challenges and find new ways to increase efficiency.

The German auto maker Volkswagen owns 21% of Northvolt, making it the Swedish company's largest shareholder. The news follows media reports that Fuhrmann would be leaving his board seat due to issues affecting the firm's operations.

The move marks another significant development in the tumultuous years for Northvolt, which was once hailed as a European champion in the field of electric vehicle batteries. The company's struggles come against a backdrop of a rapidly shifting energy landscape and increasing competition from established players in the industry.