EV Battery Startup ONE Cuts 25% of Workforce

Our Next Energy Inc., the battery startup led by Apple Inc. veteran Mujeeb Ijaz, is laying off about 25% of its workforce, the latest sign of distress in a market grappling with high interest rates, economic volatility and slowing growth in electric-vehicle adoption.

The Michigan-based startup known as ONE cut 128 salaried and hourly staff as part of a “revised business plan,” according to an emailed statement Monday. The company said the decision was “in response to market conditions,” without elaborating.