Nikola Faces Leadership Shake-Up as Financial Pressures Mount

Credit: Nikola

Electric truck maker Nikola has seen a fresh wave of executive departures as it postpones its fourth-quarter 2024 earnings report and evaluates strategic options, including a potential sale or new partnerships, sources say.

Among those exiting are Jaime Ulloa, Nikola’s global head of manufacturing and quality, and Nick Ioppolo, head of battery operations. Ulloa, who joined the company in 2021, updated his LinkedIn status to “Semi-Retired,” while Ioppolo has taken on a new role as vice president of operations at AmSafe Aviation.

See also: Nikola Faces Financial Crisis, Warns of Inadequate Funds for 2025

Credit: Nikola

The leadership changes follow last week’s departure of Jorg Wimbert, Nikola’s country chief for Canada. Wimbert, who spent four years at the company, has signaled his job search by activating LinkedIn’s “Open to Work” badge, suggesting his exit was not by choice.

It remains unclear if the departures are linked to cost-cutting measures. In November, Nikola laid off about 135 employees—15% of its workforce—after an earlier 23% reduction at its Arizona facility.

See also: Nikola Considers Sale Amid Financial Struggles

Credit: Nikola

Amid ongoing financial struggles, Bloomberg reported that Nikola is exploring asset sales, new partnerships, or additional funding to avoid bankruptcy.

Source: eletric-vehicles.com

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