: Nikola to move EV battery-making to Arizona, with how many jobs affected still uncertain


Nikola Corp. NKLA, +1.59% 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. “We are still in the process of evaluating how many jobs will be impacted,” a Nikola spokesperson said. “[S]ome employees will be given an opportunity to relocate,” the spokesperson added. 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 rose 1.6% to $2.55 on Friday. It has dropped 16.7% over the past three months, while the S&P 500 SPX, +0.40% has gained 11.6%.

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

Previous article: ‘The economic consequences are real’: Officials push for deeper scrutiny of racial bias in home-appraisal process
Next articleNerdWallet: Where do things stand with student loans? Here are answers to 5 common questions.


Please enter your comment!
Please enter your name here