US-based electric truck maker Nikola has announced it will lay off 270 employees, or about 23 percent of its workforce, and limit its electric truck efforts in North America to conserve cash. According to the company, it will lay off 150 team members who were supporting the company’s European programs, as well as 120 employees at the company’s Phoenix and Coolidge, Arizona sites in the United States.
After the cuts, there will be about 900 employees. The company said these reductions are expected to reduce employee-related cash costs by more than $50 million annually.
“Our battery-electric truck is on the market and performing well for our customers, and the hydrogen fuel cell electric truck will go into production in a few weeks. We are actively managing costs and reducing costs. organizational structure, our intention to execute efficiently,” CEO Michael Lohscheler said in a statement.
