(This Jan. 23 story has been corrected to say that Nikola ( NKLA ) had $464.7 million in cash and cash equivalents at the end of 2023, not at the end of last year, in paragraph 5)

(Reuters) - EV maker Nikola ( NKLA ) is exploring options including selling parts of its business or the entire company as it struggles with a cash crunch, Bloomberg News reported on Thursday.

The company's shares slumped 28% in late-afternoon trading.

Possibilities under consideration also include bringing on partners or raising new funds, the report said, citing people familiar with the matter.

Nikola ( NKLA ) did not immediately respond to a Reuters request for comment.

The company has been grappling with high costs related to the production ramp up of its fuel-cell electric truck. Its cash and cash equivalents had fallen sharply to $198.3 million at the end of September, compared with $464.7 million at the end of 2023.

Nikola's ( NKLA ) shares lost nearly 96% of their value in 2024.

CEO Stephen Girsky, in response to questions about raising capital during an investor call in October, said the company was "actively talking to lots of potential different partners."