Nikola slashes 270 jobs as part of cost-cutting measures
By Bradley Osborne - 29th June 2023
Nikola headquarters in Phoenix, Arizona
USA – Nikola Corporation, a manufacturer of zero-emission trucks based in Phoenix, Arizona, has announced it is taking cost-cutting measures to reduce its outgoings to under USD400m by 2024, including layoffs of approximately 270 workers at multiple sites.
The startup manufacturer continues to haemorrhage cash at an alarming rate, having made a net loss of USD784m in 2022. As such, the company says it is “rationalizing” its spending in all areas of the business. In May, it announced the sale of its share in the Ulm-based joint venture, which Iveco will acquire through USD35m in cash and 20 million shares in Nikola. Moreover, it is closing down the Romeo Power battery plant in Cypress, California and moving battery production to Coolidge, Arizona in order to consolidate its manufacturing and therefore cut costs.
