Nikola To Move Battery Production From California To Arizona

Nikola Corp (NASDAQ: NKLA) said it’s moving its battery manufacturing from Cypress, California, to its Arizona manufacturing facility.
The move will bring Nikola’s truck assembly, fuel cell power module assembly, and battery module and pack production under one roof.
It also will include battery line automation to enhance quality and increase efficiencies.
The corporate intends to keep up manufacturing operations in Cypress through the tip of Q2 2023 while it really works through a transition plan.
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A battery engineering presence is predicted to stay in California at a separate facility to deal with the event of Nikola’s next-generation battery management system software and modules.
“This decision reinforces our commitment to finding ways to optimize our cost structure and create a sustainable business model,” said CEO Michael Lohscheller.
The move is predicted to be complete by the early third quarter.
Price Motion: NKLA shares are trading higher by 0.86% at $2.53 on the last check Friday.

Finapress