Nikola Motor Lays Off 15% of Workforce Amid Financial Struggles and Leadership Changes
Briefly

Nikola's latest round of layoffs, cutting 15% of its workforce, reflects ongoing financial struggles despite becoming the sole manufacturer to put fuel cell trucks on the road.
The company's stock faces significant challenges, as it ranks as the third most shorted on Wall Street, coupled with a substantial short interest of 29%, leading to extreme market volatility.
With each truck costing over $1 million to manufacture and generating only $380,000 in revenue, Nikola's business model raises sustainability concerns amidst its financial trajectory.
Despite the adverse financial indicators, CEO Stephen Girsky maintains optimism, asserting that as sales increase, Nikola expects its revenue stream to improve, aiming for a zero-emission future.
Read at siliconvalleyjournals.com
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