nikola said friday it will reduce its workforce by about 270 people as it restructures and cuts costs the phoenixbased electric vehicle maker said the reduced headcount would save 50 million annually on personnel part of an effort to decrease cash expenditure to under 400 million by next year nikola also said it would focus on the north american market localize its supply chain in certain places and focus on bringing its new hydrogen fuel cell electric truck to market shareholders last week rejected nikolas proposal to issue more stock to raise money which it needs to ramp up production of its vehicles shares rose 17 to 121 in afterhours trading after sinking 15 during the regular session the stock is down 46 this year at the beginning of 2023 the company employed about 1500 people according to a regulatory filing