Volvo Cars’ battery company Novo Energy to cut workforce by 50% By Reuters
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 05 2025
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Should l Buy ?
Source: Investing.com
Workforce Reduction: Volvo Cars' Novo Energy announced a 50% workforce cut to reduce costs following the bankruptcy of Northvolt, which co-owned the battery venture.
Future Plans: Despite the layoffs, Novo Energy aims to produce batteries with a new technology partner in Gothenburg, Sweden, as its long-term goal.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
