(KRON) — Two South Bay tech corporations introduced job cuts this week that may see over 100 staff laid off. In line with state filings with the Employment Growth Division, QuantumScape Battery Inc. will minimize 53 jobs, whereas close by InvenSense Inc. will minimize 55.
QuantumScape is a lithium-ion battery producer that makes batteries for EVs. The battery maker struck a deal final summer time with German auto producer Volkswagen to develop solid-state batteries for EV batteries.
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Volkswagen, in accordance with a report in Reuters, owns a 17% stake within the battery maker, which was value about $459 million as of July 2024. QuantumScape’s layoffs are set to start on March 29.
InvenSense, which is situated on Know-how Drive in San Jose simply blocks from QuantumScape, is a client electronics firm that makes movement monitoring magnetic sensors for client, industrial and automotive purposes.
InvenSense’s job cuts are because of take impact on March 31. The job cuts for each corporations are described as everlasting in state filings.
