Investing
Volkswagen investment chief steps down from Northvolt board
Global Banking & Finance Review®
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STOCKHOLM (Reuters) -The head of investments at German auto maker Volkswagen 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.
“Volkswagen is a longstanding partner of Northvolt, and we are in close cooperation with Volkswagen and their brands that Northvolt serves,” Northvolt said in the statement.
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.
(Reporting by Marie Mannes, writing by Louise Breusch Rasmussen, editing by Terje Solsvik and Barbara Lewis)
An investment is the allocation of resources, usually money, to generate income or profit. It can involve purchasing assets like stocks, bonds, or real estate with the expectation of future returns.
The automotive industry encompasses the design, development, manufacturing, marketing, and selling of motor vehicles. It includes companies that produce cars, trucks, and their components.
Sustainability refers to the ability to meet present needs without compromising the ability of future generations to meet their own needs. It often involves environmental, social, and economic considerations.
A partnership is a business arrangement where two or more individuals or entities collaborate to manage and operate a business, sharing profits, losses, and responsibilities.
The financial community consists of individuals, institutions, and organizations involved in the management, investment, and regulation of financial resources. This includes banks, investors, and regulatory bodies.
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