COOLIDGE, Ariz. — Nikola announced Friday it was cutting more than 100 jobs in Phoenix and Coolidge as part of its "business optimization efforts."
The electric-battery truck company said it made "the difficult but strategic decision" to lay off 120 employees based in Phoenix and Coolidge. Another 150 team members across multiple Nikola sites will be affected.
The layoffs will save the company about $50 million annually. At least 900 jobs will be preserved, the company said. Nikola plans to reduce its annual spending to under $400 million by 2024.
"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.
Nikola was founded in 2014 and later acquired a large piece of property in Coolidge for a facility to manufacture its electric-battery trucks.
Trevor Milton, Nikola's founder, was found guilty in 2022 of fraud for statements he made while he was CEO.
Up to Speed
More ways to get 12News
On your phone: Download the 12News app for the latest local breaking news straight to your phone.
On your streaming device: Download 12News+ to your streaming device
The free 12News+ app from 12News lets users stream live events — including daily newscasts like "Today in AZ" and "12 News" and our daily lifestyle program, "Arizona Midday"—on Roku and Amazon Fire TV.
We are committed to serving all of the Valley's communities, because we live here, too.
12News is the Official Home of the Arizona Cardinals and the proud recipient of the 2018 Rocky Mountain Emmy Award for Overall Excellence.
12News+ showcases live video throughout the day for breaking news, local news, weather and even an occasional moment of Zen showcasing breathtaking sights from across Arizona.