Nxu Announces Workforce Reduction and Strategic Alternatives

Nxu (NXU) has provided an announcement.

Nxu, Inc. is undertaking a significant reduction in its workforce to cut operating costs and preserve cash, with a focus on streamlining its product, engineering, manufacturing, and administrative divisions by May 10, 2024. This move, estimated to incur charges of around $837,000 for severance, coincides with the company’s announcement to explore strategic alternatives to enhance its business prospects. These developments are forward-looking statements and involve risks that could impact the company’s financial results and strategic direction.

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