Business
EV Battery Maker Northvolt to Cut Jobs, Delays Factory in Canada
EV Battery maker Northvolt has announced there would be a revised timeline for plant in Canada but did not provide further details. Potential revisions to these projects would be confirmed in the fall.
Northvolt will cut a large number of jobs and sell or seek partners for its energy storage and materials businesses as Europe’s leading battery hope aims to survive by refocusing on its struggling first giga-factory in northern Sweden.
The Swedish manufacturer, which has raised the most capital at US$15 billion of any other unlisted European start-up, has been significantly delayed by issues at its facility located just below the Arctic Circle. Additionally, European carmakers have slowed their plans to transition to electric vehicles.
Northvolt announced on Monday that it would cease production of cathode active materials, sell one site, and instead source materials from Chinese or Korean companies. Additionally, the company will pursue a buyer or partner for its energy storage business, which is located in Gdańsk, Poland.
The group, which is supported by Volkswagen AG, Goldman Sachs, BMW, Siemens, and BlackRock, has been experiencing a cash flow deficit. It has announced that its cost-cutting strategy will “regrettably” involve “some difficult decisions on the size of our workforce,” which is currently at 7,000 employees.
In addition, executives have stated that the construction of three additional gigafactories, which are to be constructed in Sweden, Germany, and Canada in a joint venture with Volvo Cars, will be postponed. However, they have also stated that they will provide additional information regarding the number of employment cuts at a later date.
In late 2021, Northvolt was the first European company to produce a EV battery cell for EVs from a domestic giga-factory. However, the company has encountered difficulty in increasing production rates since then. Its giga-factory in Skellefteå has an annual capacity of 16 gigawatt hours; however, it is currently producing less than 1GWh.
BMW recently terminated a US$2 billion contract with Northvolt and instead awarded it to Samsung SDI of Korea, citing supply constraints. The slow adoption of electric vehicles has resulted in the postponement of the construction of battery facilities in Europe by Korean and Chinese organisations.
Northvolt has also encountered financial difficulties vital for the expansion of production so consequently, the company has been compelled to reduce investments and expenditures.
Northvolt, which initiated its strategic review in July, intends to concentrate on cell manufacturing in Skellefteå, which has prompted concerns regarding the future of its recycling and materials operations.
It is also deliberating on how to proceed with the significant advancement in EV battery technology for energy storage that it announced with sodium-ion batteries. These batteries do not require lithium, cobalt, or nickel, which are materials that companies have been eager to acquire.
Executives stated that Northvolt could continue to advance the sodium-ion technology in collaboration with other manufacturers, despite its pursuit of purchasers or partners for its energy storage business.
Northvolt declared this year that it would establish an electric vehicle battery plant in the Quebec province of Canada for C$7 billion, or $5.17 billion. The EV Battery Manufacturer stated that the federal and provincial governments of Canada would each provide $1 billion towards the first phase of construction.
Northvolt has received investments of approximately US $1.1 billion from Canadian pension funds, including Investment Management Corporation of Ontario (IMCO), BlackRock, and Canada Pension Plan Investment Board (CPP Investments) and CDPQ.
Prime Minister Justin Trudeau of Canada has established EV manufacturing as a cornerstone of his industrial policy, providing production credits and other forms of assistance to 13 battery businesses and automakers valued at C$56 billion ($41.34 billion).
Nevertheless, a slowdown in the demand for electric vehicles has forced a number of industry players to postpone or cancel investments reaching C$46 billion ($33.96 billion).
billion).
Nevertheless, the development of EV demand has slowed, resulting in the cancellation or postponement of investments totalling C$46 billion ($33.96 billion) by numerous industry companies.
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Business
Sonic the Hedgehog Dominates Christmas Wish Lists
Sonic the Hedgehog is dominating Christmas wish lists this year. The lovable blue hedgehog is back in the spotlight, from sonic the hedgehog toys and games to sonic the hedgehog coloring pages and movie hype.
Sonic-themed holiday merchandise is on fire, from quirky sweaters to action figures flying off shelves. Sonic the Hedgehog Christmas outfits for kids are selling out fast, making them a go-to gift option for festive fun.
Retailers have been quick to recognize Sonic’s holiday appeal. Special promotions and exclusive items, like the Sonic holiday t-shirts, are everywhere.
Everyone’s stocking up on Sonic merchandise, from big-box stores to boutique retailers.
Online shopping platforms are seeing a surge in searches for Sonic items. Whether it’s Sonic Christmas-themed tops or Sonic the Hedgehog coloring pages, Sonic the Hedgehog toys or Sonic and the Hedgehog 3, the demand is skyrocketing.
Retailers who tap into this trend are sure to see strong holiday sales.
Sonic has been around since the early 90s, but his popularity never wanes. With the release of Sonic 3, fans are more excited than ever.
Sonic the Hedgehog 4
Meanwhile, Paramount Pictures is preparing “Sonic the Hedgehog 4,” with the newest addition in the family-friendly genre set for a spring 2027 release.
The announcement comes as “Sonic 3” opens in theatres on Friday, estimated to gross $55 million to $60 million from 3,800 North American locations.
The sequel is shaping up to be a good holiday season blockbuster for Paramount, which explains the desire in future “Sonic” adventures. On the international front, the film will be released on Christmas Day in 52 markets.
On Rotten Tomatoes, critics gave “Sonic 3” an outstanding 87% fresh score.
The first two films grossed a total of $725.2 million at the global box office and generated over $180 million in global consumer expenditure through home entertainment rentals and digital purchases.
They also inspired a spinoff Paramount+ series, “Knuckles,” which premiered earlier this year.
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Business
Amazon Strike Called By Teamsters Union 10,000 Walkout
An Amazon strike has hit facilities in the United States in an effort by the Teamsters union to pressure the corporation for a labour agreement during a peak shopping season.
The Teamsters union told the Associated Press that Amazon delivery drivers at seven facilities in the United States walked off the job on Thursday after the firm failed to discuss a labour contract.
According to the union, Amazon employees in Teamsters union jackets were protesting at “hundreds” of additional Amazon facilities, which the union billed as the “largest strike” in US history involving the company.
The corporation, which employs over 800,000 people in its US delivery network, stated that its services will be unaffected.
It was unclear how many people, including members of Germany’s United Services Union, participated in Thursday’s demonstration. The Teamsters union reported that thousands of Amazon employees were implicated in the United States.
Amazon Strike at 10 Locations
Overall, the group claims to represent “nearly 10,000” Amazon strikers, having signed up thousands of people at roughly ten locations across the country, many of whom have joined in recent months.
The organization has claimed recognition from Amazon going on strike, claiming the firm illegally neglected its obligation to bargain collectively over salary and working conditions.
The Teamsters is a long-standing US union with nearly one million members. It is well-known for securing lucrative contracts for its members at companies like delivery behemoth UPS.
Most of the Teamsters’ Amazon campaigns have concerned drivers working for third-party delivery companies that partner with the tech behemoth.
Amazon denies that it is liable as an employer in those circumstances, which is a point of legal contention. In at least one case, labour officials have taken a preliminary stance in favour of the union.
Stalled Contract Negotiations
Amazon employees at a major warehouse on Staten Island in New York have also chosen to join the Teamsters. Their warehouse is the only Amazon facility in the United States where labour officials have formally recognized a union win.
However, the Amazon strike is because contract negotiations have not progressed since the 2022 vote. It was not one of the areas scheduled to go on strike on Thursday.
Amazon, one of the largest employers in the United States, has long received criticism for its working conditions and has been the target of activists seeking to gain traction among its employees.
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Business
Amazon Encounters Numerous Strikes As Unions Aim At The Holiday Shopping Surge.
(VOR News) – Thousands of Amazon employees at various sites across the country were scheduled to go on strike on Thursday in an effort by the Teamsters union to pressure the retail behemoth to acknowledge its unionised workers in the United States.
The walkout is expected to concentrate on seven Amazon locations across the country during the holiday purchasing surge and may be the most significant union action against Amazon in the nation’s history.
The business announced on Thursday morning that there had been no effect on operations. It also stated that it is “continuing to concentrate on fulfilling customers’ holiday orders.”
The International Brotherhood of Teamsters maintains that it represents more than 10,000 Amazon employees and contractors in aviation centres, warehouses, and delivery centres.
Amazon has refused to acknowledge the union for many years.
The retail giant, which employs approximately 1.5 million individuals, excludes contractors and part-timers. A strike has been initiated by delivery couriers and warehouse employees at seven distinct locations in order to exert pressure on the company to negotiate a collective bargaining agreement that would encompass modifications to compensation, amenities, and working conditions.
Picketing was intended for New York, Atlanta, Los Angeles, San Francisco, and Skokie, Illinois.
Also, the Teamsters assert that they are establishing picket lines at “hundreds” of additional warehouses and delivery centres by encouraging non-unionized workers to picket under U.S. labour law, which protects workers’ ability to take collective action to further their interests.
“Amazon workers are exercising their power,” Randy Korgan stated to NPR.
“They now realise there is a pathway to take on a corporate giant like this – and that they hold the power.” Amazon responds by accusing the Teamsters of fabricating information regarding the strikes, asserting that the participants are “entirely” outsiders rather than employees or subcontractors of the corporation.
Amazon spokesperson Kelly Nantel stated that “the reality is that they were unable to secure sufficient support from our employees and partners and have invited external parties to harass and intimidate our team.” For more than a year, the Teamsters have been intentionally misleading the public by claiming to represent “thousands of employees and drivers.” They do not.
The Teamsters did not provide a specific duration for the strike; however, they informed NPR that it would extend beyond one day. Workers would receive $1,000 per week in strike money, as per the union.
Teamsters President Sean O’Brien issued a statement in which he stated, “If your package is delayed during the holidays, you can attribute it to Amazon’s insatiable greed.” We established a firm deadline for Amazon to attend the meeting and treat our members equitably. They disregarded it.
The Teamsters granted until December 15 to convene with its unionised employees and develop a collective bargaining agreement.
Amazon has opposed all unionisation efforts in court, asserting that unions were not advantageous to its employees and emphasising the compensation and benefits that the organisation currently provides.
Amazon has been accused of discriminatory labour practices on numerous occasions, including the termination of labour organisers. Furthermore, it has disputed its official status as a contract employer.
Teamsters organize Amazon delivery couriers and other employees.
In June, Amazon established its first unionised warehouse in Staten Island, New York, two years after making history by voting to join the fledgling Amazon Labour Union, which is also affiliated with the Teamsters.
The union is one of the most influential in the United States and Canada, with 1.3 million members. On Thursday, the German United Services Union declared that Amazon employees in Germany would participate in a strike in conjunction with their American counterparts.
In the past, Amazon has experienced demonstrations in Germany and Spain that were related to the holiday season in order to advocate for improved wages and working conditions.
“The holiday season has arrived.” Delivery is anticipated. Patricia Campos-Medina, the executive director of Cornell University’s Worker Institute, asserts that “this is the moment in which workers have control over the supply chain.”
The Teamsters have reported that Amazon’s profits have increased both during and after the pandemic. The corporation is currently valued at over $2.3 trillion, with net income of $15 billion in the most recent quarter alone. It is the second-largest private employer in the United States, following Walmart.
SOURCE: NPR
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