PHOENIX — Nikola Corp. is laying off 230 workers based at its Phoenix headquarters and Coolidge manufacturing facility as part of a plan to reduce spending, the company announced on Friday.
In a business update, Nikola (Nasdaq: NKLA) said it's continuing to take actions to protect ongoing operations and after conducting a “thorough review of its organizational structure,” it made the “difficult but strategic decision” to reduce its workforce, which is expected to decrease the company’s annual cash spend by $50 million.
The layoffs would impact an additional 40 workers across multiple sites who were supporting Nikola's European programs, the company said.
“These decisions preserve 900 jobs and create a sustainable structure that matches the organization’s focus and positions the company for future growth,” Nikola said in a statement.
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