New CEO appointed for Biden's flagship US-made electric car battery company
Michigan-based EV battery startup ONE, a key player in President Biden's plan to build batteries in the US, has announced a new CEO after facing layoffs and a loss of funding. Mujeeb Ijaz, the founder and former CEO known for his battery engineering expertise, will step down and be replaced by board member Paul Humphries. The company aims to produce battery cells next year at a new factory in Michigan, but has faced challenges due to industry slowdown and funding issues. The change in leadership is part of a revised business plan to cut spending and delay the new battery plant until new customers are secured.