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Nikola lays off 23% of its global workforce to focus on North American market
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Jun 19, 2023
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Jun 19, 2023

Nikola lays off 23% of its global workforce to focus on North American market

Management news

  • Nikola Motor Company (Nikola), a developer of heavy-duty battery-electric vehicles, has laid off about 23% of its global workforce (270 employees) in an effort to cut costs and redefine its focus on the North American market.

  • The layoffs affected 150 of Nikola’s employees across its European sites and 120 employees in Arizona.

  • The initiative is expected to reduce Nikola’s personnel-related expenses by more than USD 50 million annually. The company also plans to decrease its annual cash spend to below USD 400 million by 2024.

  • Analyst QuickTake : Nikola has faced a series of challenges since its former chairman and CEO, Trevor Milton, was found guilty for federal securities fraud trying to drive up the value of Nikola’s stock. In May 2023, the company also received a delisting notice from Nasdaq because its share price has been below USD 1 for a consecutive period of 30 days—which the company has till November to comply with the minimum price rules. 

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