EV battery startup ONE cuts workforce by 25%
2023.11.27 14:49
© Reuters. The logo for Our Next Energy (ONE) is seen outside the company’s headquarters in Novi, Michigan, U.S., April 25, 2022. Photo taken April 25, 2022. REUTERS/ Rebecca Cook/File Photo
(Reuters) – Our Next Energy (ONE) said on Monday it has cut around 25% of its workforce, or 128 employees, as the electric-vehicle battery startup deals with high borrowing costs and an uncertain economy.
The company, founded by former Apple (NASDAQ:) executive Mujeeb Ijaz, said in February it had raised $300 million in a Series B funding, which valued the company at $1.2 billion.
While the Michigan-based company cited “market conditions” as reason for the layoffs, it said it is continuing to focus on establishing its gigafactory in Michigan and to develop a North American supply chain for batteries.
The company unveiled a new anode-free battery pack designed last year to slash cell cost as much as 50% while delivering up to 600 miles (965 km) of driving range.
Tesla (NASDAQ:) supplier Panasonic (OTC:) Holdings said last month that it had cut automotive battery production in Japan in the September quarter, underscoring a global slowdown in EV sales due to high interest rates.
