Novo Energy battery manufacturer, owned by Volvo, will fire 50 percent of workers, writes Reuters. According to insiders, a serious reduction in the state is caused by the desire to reduce expenses taking into account the bankruptcy of another Swedish company – NorthVolt. The latter was originally a co -owner of Novo Energy.
Novo Energy was created in 2021 by joint efforts of Volvo Cars and Northvolt. When Volvo was still going to completely switch to electric cars, the companies planned the construction of a large battery production plant in the Swedish Goetherge.
NOVO assures that the launch of production at the new plant remains its main long -term goal. According to the initial plan, the site should earn in 2025.
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The position of Novo was complicated due to bankruptcy of NorthVolt, which was announced in March. The once leading manufacturer of European batteries was going to sell half of his shares in the Novo Energy company Volvo, which was supposed to become the full owner of the joint venture. This transaction is “still awaiting approval,” writes Reuters.
Volvo itself is also experiencing difficulties. Due to weak demand and growth of trade tension, Swedes have to sharply reduce expenses. So, the company is going to save 18 billion kroons ($ 1.87 billion), which will inevitably lead to a reduction in jobs.
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