![]() Today, Nikola Corporation shared a progress update that includes non-essential business spending and will now include a slight cut to its current workforce. This move included a sale of its stake in its European joint venture with Iveco Group, equating to $35 million in cash back in addition to 20.6 million shares of stock returned. As a result, the company announced a shift in its business strategy that would include a honed focus on its native North America. Last month, the startup shared its Q1 earnings for 2023, which again relayed growing losses. To cap off 2022, Nikola Corporation stumbled a bit, but there was plenty of optimism when looking ahead to this year. We’ve seen the company restructure multiple times in the past in order to optimize, especially as it pertains to the production of its zero-emissions trucks and the batteries that power them. Since its new executives have taken over the helm, Nikola has bounced back as a viable contender that has no intention of giving up. ![]() ![]() ![]() Nikola Corporation ($NKLA) continues to fight on as a viable business in zero-emission commercial vehicles after a bumpy past filled with deceit. The EV startup is prioritizing the North American market as it looks to lean down and optimize to ensure the continued production of its zero-emissions trucks. Following a hint that this was coming during its Q1 2023 earnings report, Nikola Corporation shared a business update that includes plans for decreased cash usage and a “reorganizing” of its workforce.
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