TransportationUS

Nikola Layoffs

June 2023

Nikola announced a layoff affecting 270 employees in June 2023. The company operates in the Transportation sector.

People Affected

270

Announced Date

Jun 16, 2023

About

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.