EV battery startup ONE cuts workforce by 25%

Panasonic Holdings

27/11/2023 19:31

Nov 27 (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 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  TSLA.O  supplier Panasonic Holdings  6752.T  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.

 (Reporting by Zaheer Kachwala in Bengaluru; Editing by Maju
Samuel)
 ((Zaheer.Kachwala@thomsonreuters.com;))