Coda lays off 15 percent of its workforce due to struggling sales
Coda, the producer of Chinese made electric-vehicles, has laid off about 50 employees, which represent about 15 percent of the brand’s workforce. The layoffs, which are being called ‘right-sizing’ instead of down-sizing, affected employees from all areas of the company, according to Forrest Beanum, Coda’s senior vice president of government relations and external affairs.
CEO Phil Murtaugh said Coda is “realigning and streamlining the company to better position it to move forward on all fronts.”
According to an insider, key engineers who had been working on Coda’s next car were among those affected by the cuts, which may not be a smart move for a company working to boost sales.
– By: Omar Rana