The head of Europe's first homegrown gigafactory to resign from Northvolt, the Swedish battery maker.

• With immediate effect, the head of Northvolt's main plant, Europe's first homegrown gigafactory for lithium-ion battery cells, will step down.
• The company in Sweden announced plans to cut its workforce by 25% as part of a major cost-cutting drive.
• In Stockholm, Sweden, Northvolt is a highly valued privately held tech company that specializes in manufacturing lithium-ion batteries for the electric vehicle sector.

With immediate effect, the head of Northvolt's main plant, Europe's first homegrown gigafactory for lithium-ion battery cells, will step down.

The company in Sweden announced plans to cut its workforce by 25% as part of a major cost-cutting drive.

Northvolt Ett CEO Mark Duchesne will be temporarily replaced by Angéline J. Bilodeau, the company's vice president of operations in North America, according to a statement.

Northvolt Ett's CEO position will be held until the end of the year while the company searches for a permanent replacement.

Northvolt, a privately held tech firm based in Stockholm, Sweden, is one of Europe's most valuable companies that specializes in building lithium-ion batteries for the electric vehicle industry. The company has formed partnerships with major European automakers, including Volkswagen and Volvo.

Northvolt announced on Sept. 23 that it had revised its operations in Sweden to concentrate on accelerating production in large-scale cell manufacturing at Northvolt Ett.

Northvolt announced that the company had to cut 1,600 jobs in Sweden due to strategic action.

Northvolt announced that it would halt plans for a significant expansion of Northvolt Ett, which was intended to increase annual cell manufacturing capacity by 30 gigawatt hours, in addition to laying off staff.

On Tuesday, a Northvolt Ett subsidiary filed for bankruptcy after suspending the expansion project, indicating the group's worsening financial difficulties.

On Wednesday, Volvo Cars announced that deputy CEO Björn Annwall would resign from his position as part of a management restructuring.

Amid changing market conditions and cooling demand, Volvo Cars has reorganized and abandoned its near-term goal of selling only electric vehicles, opting instead for pragmatism and flexibility.