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Employees of the State Archaeological Office have hung pictures of finds from a construction trailer during a main archaeological investigation on the Northvolt site.

Sweden's Northvolt on Wednesday said the head of its main plant, Europe's first homegrown gigafactory for lithium-ion battery cells, will step down with immediate effect.

It comes shortly after the cash-strapped company announced plans to reduce its workforce by about 25% in Sweden as part of a major cost-cutting drive.

Mark Duchesne, CEO of Northvolt Ett, will be replaced on an interim basis by Angéline J. Bilodeau, the firm's vice president of operations in North America, the company said in a statement.

The position will be held until the end of the year as the company seeks to secure a permanent replacement for CEO of Northvolt Ett, it added.

Based in Stockholm, Sweden, Northvolt is one of Europe's most valuable privately held tech firms that builds lithium-ion batteries for the electric vehicle industry. It has partnerships with a number of major European automakers, including Volkswagen and Volvo.

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