Investing.com -- Volvo (OTC: VLVLY ) Cars’ Novo Energy announced on Monday a plan to reduce its workforce by half. This decision comes after an evaluation of its business operations following the bankruptcy of Northvolt, a Swedish company that was originally a co-owner of the battery venture.

The aim of this drastic workforce reduction is to cut costs and adjust to the new business landscape after the collapse of Northvolt. The specifics about the number of employees to be laid off or the timeline for the layoffs were not disclosed in the announcement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.