Volvo Cars Suspends Novo Energy Battery Project and Cuts 75 Jobs in Sweden
The Swedish automaker freezes operations at its battery joint venture due to lack of a technology partner. This decision comes as several European battery projects face similar difficulties against Chinese competition.
| Countries | Chine, Suède |
|---|---|
| Companies | Volvo Cars, Northvolt |
| Sector | Stockage énergie |
| Theme | Marchés & Finance |
Volvo Cars is halting operations at Novo Energy, its startup specializing in electric vehicle batteries. This suspension results in the elimination of the remaining 75 positions within the entity, according to information released by the company. The workforce had already been cut in half in May of the previous year.
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