EV truck maker Nikola Corp. said it is moving its recently acquired EV battery manufacturing from Cypress to Coolidge, Ariz. There was no immediate word on the number of jobs affected.
Nikola (Nasdaq: NKLA) took over the manufacturing when it acquired local company Romeo Power.
The Cypress production facility will close by July, the company said in a statement.
“A battery engineering presence is expected to remain in California at a separate facility to focus on the development of Nikola’s next generation battery management system software and modules,” according to Nikola.
Shares in Nikola were down 0.6% to $2.50 apiece for a market cap of $1.3 billion after today’s announcement.
For further details, see the Jan. 23 print edition.