Nikola to lay off about 18% of its workforce

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This update corrects the number of planned layoffs.

Nikola Corp. stock

wavered between gains and losses in the extended session Friday after the EV maker said it planned to let go of about 270 employees, cutting its personnel spending by more than $50 million a year. Nikola said in a filing in December it had about 1,500 employees, mostly in the Phoenix, Ariz., area. “These decisions preserve 900 jobs and are intended to create a sustainable structure that matches the organization’s focus and positions the company for future growth,” the company said in a statement. Nikola embarked on a “more focused business plan” in the quarter, concentrating on North America, its electric truck, and hydrogen business, Chief Executive Michael Lohscheller said. “We are proactively managing costs and reducing expenses,” the executive said. Shares of Nikola ended the regular trading day down 15%, after an earlier rally, amid calls for shareholders to approve a proposal that could pave the way for more stock sales.

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