Nikola To Layoff 270 Jobs

(RTTNews) - Nikola Corporation (NKLA), Friday announced its decision to layoff nearly 270 employees related to its business optimization efforts.

The company expects the business optimization efforts to result in a marked decrease in cash spend and streamlining of operations.

"Nikola has initiated a more focused business plan this quarter, concentrating on North America, zero-emission truck production, and our HYLA hydrogen business," said CEO Michael Lohscheller. "Our battery-electric truck is in the marketplace and performing well for our customers, and the hydrogen fuel cell electric truck will go into production in a matter of weeks. We are proactively managing costs and reducing expenses. We are streamlining operations, including our organizational structure, to efficiently execute our objectives."

The company expects to reduce nearly 150 team members across multiple sites who were previously supporting the company's European programs, as well as approximately 120 employees based predominately at the company's Phoenix and Coolidge, Arizona sites and previously announced actions from Cypress, California.