Nikola Corp. will have $47 million in cash on hand to navigate Chapter 11 process. It hopes to wind down its Coolidge operations in March.

A Phoenix-based electric vehicle maker has announced nearly 900 layoffs in Arizona as it runs low on cash.Nikola filed for Chapter 11 bankruptcy protection last week, and with that came staff cuts at two locations in the state.

The electric vehicle startup Nikola has filed for bankruptcy protections after it failed to secure new money or locate a buyer to keep operating.

Nikola said on Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of its assets, the latest electric-vehicle maker to stumble after grappling with tepid demand, rapid cash burn and funding challenges.

Nikola Corp.’s plan to sell its business in bankruptcy is complicated by the federal government’s expected retreat from policies and incentives that were meant to boost electric-vehicle sales.

Nikola, an EV startup once valued higher than Ford, has filed for Chapter 11 bankruptcy. In the wake of a high-profile scandal and a recall that rocked the company to its core, Nikola says it only has about $47 million in cash on hand.