Struggling battery maker Northvolt AB said Sven Fuhrmann, who represents its biggest owner Volkswagen AG on the board, is stepping down.
Fuhrmann, who has represented the German carmaker since last year, is leaving, the Swedish company said on Monday. It wasn’t immediately clear whether he would be replaced by Volkswagen.
“Volkswagen is a longstanding partner of Northvolt, and we are in close cooperation with Volkswagen and their brands that Northvolt serves,” Northvolt said, without elaborating.
The Swedish electric vehicle supplier is mired in a cash crunch and in negotiations for a short-term funding package that could tide it over until it works out how to continue its operations beyond the immediate horizon.
The company’s troubles stem from failures to ramp up cell production at its main plant near the Arctic Circle in Sweden, and costs from its expansion have been piling up. In response, Northvolt has scaled back major projects and narrowed its focus to increasing output. It’s cutting 20% of staff globally.
The news of Furhmann’s departure was first reported by Dagens Industri.