All articles tagged with #cash preservation
Dow Inc. reduced its quarterly dividend by half to conserve cash amid a prolonged industry downturn and lower earnings, leading to a decline in its stock price and analyst downgrades, despite efforts to control costs and improve future earnings.
Electric truck maker Nikola is cutting 23% of its workforce, or 270 employees, and focusing its efforts on North America to preserve cash. The company will lay off 150 workers supporting its European programs and 120 employees based in Arizona. The cuts are expected to decrease personnel-related cash spend by over $50 million annually, and the company's annual cash spend is expected to decrease to under $400 million by 2024. Nikola's CEO said the company is streamlining operations and reducing expenses while concentrating on zero-emission truck production and its HYLA hydrogen business.