Investing
Electric-truck maker Nikola laying off 270 employees
© Reuters. FILE PHOTO: Logo of U.S. truckmaker Nikola is pictured at the IAA Transportation fair, which will open its doors to the public on September 20, 2022, in Hanover, Germany, September 19, 2022. REUTERS/Fabian Bimmer
(Reuters) – Nikola said on Friday it would lay off a total of 270 employees, as the electric-truck maker looks to cut costs and sharpen its focus on the North American marketplace.
Of the 270 employees impacted, 150 were supporting Nikola’s European operations and 120 were based at its sites in Phoenix and Coolidge.
The decision would help Nikola reduce personnel-related cash spend by $50 million annually, the company said.
Annual cash usage for the company was expected to decrease to under $400 million by 2024, Nikola added.
Shares of the Phoenix-based automaker were up 3.4% at $1.23 in trading after the bell.
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