Hydrogen truck maker Nikola cuts 150 European jobs as it shifts focus to North America

US-based hydrogen and electric truck manufacturer Nikola is to cut 370 jobs — including 150 from its European operations — as part of efforts to re-align its operations towards North America and slash its spending.

But the job losses come as Nikola aims to streamline its operations to focus on the North American market, exiting a joint venture with Iveco in Europe.

It also wants to push cash spend below $400m by next year.

The Phoenix-based company intends to optimise production at its manufacturing facility in Coolidge, Arizona to make battery-electric and fuel-cell vehicles on just one assembly line, while its California battery plant faces closure as it moves capacity to Arizona.

But it will continue its integrated hydrogen production and distribution business, HYLA. Last month, the firm entered a strategic partnership with Voltera to build up to 50 stations over the next five years.

The de-listing notice came as a result of Nikola’s share price nosediving below $1 for more than 30 days. Share prices are currently above $1, but it will need to maintain a share price above $1 for ten consecutive days by 20 November, or be taken off the exchange — and it fell 15% on Friday.

“Nikola has initiated a more focused business plan this quarter, concentrating on North America, zero-emission truck production, and our HYLA hydrogen business,” said chief executive Michael Lohscheller. “Our battery-electric truck is in the marketplace and performing well for our customers, and the hydrogen fuel cell electric truck will go into production in a matter of weeks.”

“We are proactively managing costs and reducing expenses,” he continued. “We are streamlining operations, including our organisational structure, to efficiently execute our objectives.”

Nikola expects to retain 900 jobs through its restructuring.