Volkswagen investment chief steps down from Northvolt board
STOCKHOLM, Nov 11 (Reuters) – The head of investments at German auto maker Volkswagen (VOWG_p.DE), is leaving the board of Sweden’s Northvolt, the Swedish battery maker said on Monday, confirming media reports.
Northvolt told Reuters it expects Volkswagen to find a board replacement for Sven Fuhrmann, who has held a board seat since last year.
The German group is Northvolt’s biggest owner with a stake of 21%, according to its annual report.
Once hailed as Europe’s best chance of a home-grown electric-vehicle battery champion, Northvolt is cutting jobs as it seeks to tackle production problems, deal with the loss of a major customer contract and a lack of funding.
It said on Monday it was in talks with stakeholders to raise cash, without specifying which ones.
Northvolt said in the statement,
Volkswagen is a longstanding partner of Northvolt, and we are in close cooperation with Volkswagen and their brands that Northvolt serves,
Volkswagen’s brands that are customers of Northvolt include Audi and truckmaker Scania, according to its annual report.
Volkswagen did not immediately respond to a request for comment.
Stay up to date with the latest news, trends and innovations that are driving the global automotive industry with the Reuters Auto File newsletter. Sign up here.
READ the latest Batteries News shaping the battery market
Volkswagen investment chief steps down from Northvolt board, source
