Following the bankruptcy of Europe’s largest lithium battery manufacturer, Northvolt, a wave of repercussions has emerged.
On May 5, NOVO Energy, a battery subsidiary of Volvo, announced a major restructuring plan aimed at cost reduction and operational downsizing, which will result in layoffs affecting 50% of its workforce.
The job cuts span multiple departments, with only key technical teams and essential staff for the first-phase factory operations being retained. Additionally, the planned production capacity of its inaugural battery plant in Skellefteå, Sweden, has been reduced from 15GWh to just 5GWh.
Despite our best efforts to secure our business and an extensive ongoing search for a suitable new technology partner, the current economic challenges and market conditions have made it impossible to maintain our operations at the curent scale,” said NOVO Energy CEO Adrian Clarke. “This was an incredibly hard decision to make and it was not made lightly.”
Source: WeChat Official Account—电池工业网
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