EV maker Nikola laying off 270 employees

“Nikola conducted a thorough review of its organizational structure and made the difficult but strategic decision to reduce its headcount,” the company said. It’s now “reorganizing workforce around new areas of focus and eliminating non-essential spend.”

The upheaval adds to recent turmoil after Nikola grappled in recent months with a delivery shortfall, executive turnover and a slumping stock price that has led to a possible stock delisting. On Thursday, founder Trevor Milton, who was convicted of securities fraud last year, criticized the company in social-media posts saying Nikola needed new leadership.

Shares in Nikola fell 15 percent to close Friday at $1.19.

Nikola’s financial troubles are not unique among several EV startups.

Bloomberg and Automotive News contributed to this report.