Nikola

Nikola laid off 130 employees representing approximately 15% of its workforce on 2024-10-11.

Electric-truck maker Nikola announced layoffs of 270 employees on June 16, as part of a cost-cutting strategy to sharpen its focus on the North American market. The move affects 150 staff supporting European operations and 120 based at its Phoenix and Coolidge sites, aiming to reduce annual personnel cash spend by $50 million. Amid tough economic conditions and internal disputes with founder Trevor Milton, the company seeks to lower its annual cash usage to under $400 million by 2024. This restructuring reflects broader challenges in the electric vehicle industry, where firms are scrutinizing reserves amid slowing sales.