: Nikola to move EV battery-making to Arizona, to close California facility this summer


Nikola Corp. NKLA, +1.79% said Friday that it will move its battery-making manufacturing operations to Arizona from California, as the Phoenix-based electric vehicle maker looks to “optimize” costs. The move is expected to be completed early in the third quarter, with the Cypress, Calif. production facility expected to close by July. The company did not disclose how many jobs may be affected by the move. A company spokesperson did not immediately respond to a request for comment. After the move is completed, assembly of the company’s trucks and fuel cell power modules, and battery module and pack production, will all be in one facility. Nikola said it will maintain a battery engineering presence in a separate California facility. “This decision reinforces our commitment to finding ways to optimize our cost structure and create a sustainable business model,” said Nikola Chief Executive Michael Lohscheller. Nikola’s stock, which fell 1.2% in midday trading, has dropped 20.0% over the past three months, while the S&P 500 SPX, +0.16% has gained 8.4%.

This article was originally published by Marketwatch.com. Read the original article here.

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