AUSTIN, Texas — Another company in the Austin area is expected to lay off more than 150 of its employees.
Hyliion, which is based in Cedar Park, said it plans to slash its workforce by about 67%, or 175 people.
The company, which makes parts to help commercial trucks run cleaner, said the layoffs are part of a strategic plan to wind down its powertrain business.
In a filing from Nov. 8 with the Securities and Exchange Commission, Hyliion said it intends to keep its technology, "to better align its workforce with the Company’s future needs, and to reduce the Company’s operating costs."
Hyliion was founded in 2015 before moving its headquarters from Pittsburgh to Cedar Park three years later, thanks to an incentive deal. In 2020, Hyliion CEO Thomas Healy told KVUE that they were trying to change the trucking industry.
"It's an exciting company," Healy said. "We just listed on the New York Stock Exchange, so now we're publicly traded through that transaction. We brought in over half-a-billion dollars to help us continue to grow and scale the company, but at the end of the day, this is still a startup. It's a startup culture, atmosphere, environment, and we're going out and we're trying to really change the trucking industry."
Out of the 175 layoffs, at least 150 are expected to happen at the Cedar Park headquarters, according to a notice from the Texas Workforce Commission.
Boomtown is KVUE's series covering the explosive growth in Central Texas. For more Boomtown stories, head to KVUE.com/Boomtown.