The head of investments at German automaker Volkswagen, Sven Fuhrmann, is stepping down from his position on the board of Swedish battery manufacturer Northvolt, the company said on Monday, confirming earlier media reports.
Fuhrmann has held the board seat since last year, representing Volkswagen, Northvolt’s largest shareholder with a 21% stake, as reported in its annual financial disclosures.
Northvolt stated that Volkswagen is expected to appoint a replacement for Fuhrmann. The battery maker has faced a series of operational hurdles in recent months, including production challenges, the loss of a significant customer contract, and funding constraints.
Northvolt is currently in discussions with various stakeholders to raise additional capital, though it did not specify the parties involved. “Volkswagen is a longstanding partner of Northvolt, and we are in close cooperation with Volkswagen and their brands that Northvolt serves,” the company said in a statement.
Volkswagen’s brands, such as Audi and the commercial vehicle unit Scania, are among Northvolt’s key customers. Once seen as a leading candidate for Europe’s home-grown electric vehicle battery production, Northvolt has recently announced job cuts as it seeks to streamline operations and address its financial pressures.
