Nikola Corp Annual Cash Usage Expected To Decrease To Under $400M By 2024; Reorganizing Workforce Around New Areas Of Focus And Eliminating Non-Essential Spend; Q3 Launch Of Hydrogen Fuel Cell Electric Truck On Schedule
Portfolio Pulse from Benzinga Newsdesk
Nikola Corp expects its annual cash usage to decrease to under $400M by 2024, as it reorganizes its workforce around new areas of focus and eliminates non-essential spending. The Q3 launch of its hydrogen fuel cell electric truck remains on schedule.
June 16, 2023 | 8:06 pm
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Nikola Corp's annual cash usage is expected to decrease to under $400M by 2024, as it reorganizes its workforce and cuts non-essential spending. The Q3 launch of its hydrogen fuel cell electric truck remains on schedule.
The decrease in cash usage and reorganization of the workforce indicate that Nikola Corp is focusing on cost optimization and efficiency, which is a positive sign for investors. The on-schedule launch of the hydrogen fuel cell electric truck demonstrates the company's commitment to its product roadmap, which could boost investor confidence and have a positive impact on the stock price in the short term.
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