Nikola lays of 135 workers as it seeks to preserve its financial runway.
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Fuel cell electric truck maker lays off 135 to preserve financial runway
The Phoenix-based company on Wednesday laid off about 135 employees, roughly 15% of its workforce, amid a persistent cash crunch with little room to sell more stock as its price slides. Nikola
laid off 270 employees in June 2023 and
100 in November 2022.
“To extend our runway, we are adjusting and rescaling our staffing needs,” CEO Steve Girsky said in a statement. “This is a difficult, but necessary, decision and we thank those team members who helped build Nikola and wish them the best moving forward.”