Nikola sharpens focus, reduces cash spend

Annual cash usage expected to decrease to under $400m by 2024 reorganizing workforce around new areas of focus and eliminating non-essential spend continuing to take actions geared toward optimizing and protecting ongoing operations q3 launch of the hydrogen fuel cell electric truck on schedule hyla hydrogen energy business making strong progress with multiple partnerships, first-mover infrastructure advantage phoenix , june 16, 2023 /prnewswire/ -- nikola corporation (nasdaq: nkla), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the hyla brand, today announced a progress update on its business optimization efforts, which are expected to result in a marked decrease in cash spend and streamlining of operations. "nikola has initiated a more focused business plan this quarter, concentrating on north america, zero-emission truck production, and our hyla hydrogen business," said ceo michael lohscheller.
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