Our Next Energy (ONE) said on Monday it has slashed about a quarter of its workforce or 128 people amid challenging macroeconomic conditions.
The private electric vehicle (EV) battery startup cited “market conditions” as driving the layoffs and said it plans to instead focus on “core priorities.”
"While decisions that impact our colleagues are always difficult, these actions position ONE for future growth and delivering on its mission, including continuing to establish its gigafactory (ONE Circle) in Michigan and to develop a North American supply chain for batteries," the company said in a statement.
Novi, Michigan-based ONE was founded in 2020 and is led by former Apple employee Mujeeb Ijaz. It is developing battery technology and energy equipment for EVs.
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