San Francisco, June 18 (SocialNews.XYZ) US-based electric truck manufacturer Nikola has announced that it will be laying off 270 employees, or about 23 per cent of its workforce, and limit its electric truck efforts to North America in order to preserve cash.
According to the company, it will lay off 150 team members who were supporting the company's European programmes as well as 120 employees based at the company's Phoenix and Coolidge, Arizona sites in the US.
After the reduction, about 900 employees will remain.
The company said that the cuts are expected to reduce personnel-related cash spend by more than $50 million annually.
"Our battery-electric truck is in the marketplace and performing well for our customers, and the hydrogen fuel cell electric truck will go into production in a matter of weeks. We are proactively managing costs and reducing expenses. We are streamlining operations, including our organizational structure, to efficiently execute our objectives," CEO Michael Lohscheller said in a statement.
Meanwhile, US-based online food ordering company Grubhub has announced laying off about 15 per cent of its workforce, or nearly 400 employees, to maintain "competitiveness" in the market.
Explaining the decision to lay off, the company said it's operating and employee costs grew at a higher rate.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz