Nikola announces job cuts as part of plans to reduce cash spending

US-based hydrogen truck manufacturer Nikola has announced it will reduce its employee headcount to decrease cash spends by $50m annually.

The layoffs come after the company in March (2023) revealed net losses of $784.2m and $690.4m for the years ended December 31, 2022, and 2021 respectively, accumulating a deficit of around $2bn from the inception of the company.

Read more: Nikola reveals huge losses in SEC filing

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