Volvo's subsidiary NOVO Energy will lay off nearly 50% of its employees and adjust its operations scale.

Volvo's battery company NOVO Energy announced on May 5th that it will take measures to reduce costs and carry out organizational restructuring to reshape its business scale. The layoff will affect approximately 50% of the company's employees. NOVO Energy stated that it will continue limited operations, complete the first phase of construction, and continue exploring potential solutions to scale up operations in the future.