![]() 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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