Nikola Corp. is laying off 270 employees, or about 23% of its workforce, and restricting its electric truck efforts to North America as it seeks to preserve cash.
The company said Friday it will lay off 150 workers who were supporting the company’s European programs. Another 120 employees based at the company’s Phoenix and Coolidge, Ariz., sites will also lose their jobs. About 900 employees will remain.
Nikola said the cuts are expected to decrease personnel-related cash spend by more than $50 million annually. As a result of the cuts, the company’s annual cash spend is expected to decrease to under $400 million by 2024.
Shares fell 15% Friday, but rose about 1.7% in after-market …
