(Reuters) – Nikola said on Friday it would lay off a total of 270 employees, as the electric-truck maker looks to cut costs and sharpen its focus on the North American marketplace.
Of the 270 employees impacted, 150 were supporting Nikola’s European operations and 120 were based at its sites in Phoenix and Coolidge.
The decision would help Nikola reduce personnel-related cash spend by $50 million annually, the company said.
Annual cash usage for the company was expected to decrease to under $400 million by 2024, Nikola added.
Shares of the Phoenix-based automaker were up 3.4% at $1.23 in trading after the bell.
(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri)
