Volvo battery subsidiary NOVO Energy launches deep restructuring plan

NOVO Energy, a battery subsidiary of Volvo Car Group, announced the launch of a deep restructuring plan, planning to cut costs by laying off 50% of employees and streamlining the organizational structure to cope with the operating pressure brought by the bankruptcy of core suppliers and weak market demand. The layoffs will affect about 50% of employees worldwide, involving R&D, production, supply chain and other departments, and only retain key technical teams and the first phase of factory operation and maintenance personnel.