Tesla is down 3 percent on Wall Street after Monday's reports that the workforce is being cut by at least 10 percent, equivalent to 14,000 employees.
According to an email to employees, which the site Electrek has seen, Elon Musk writes that Tesla's new growth phase requires reduced costs and increased productivity.
The announcement comes after Tesla reported catastrophic figures for deliveries in the first quarter. Sales fell by 9 percent – the electric car giant's first quarter without growth since the start of the pandemic.
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Musk justifies notice: We are streamlining the company
Every five years, Tesla needs to reorganize and streamline the company for the next growth phase. That's what CEO Elon Musk writes at X in a comment after the information about major staff cuts.
At the end of last year, the number of employees at Tesla amounted to 140,000, writes Direkt.
Tesla has lost over 30 percent of its market value this year. The underlying factors include high interest rates and weak delivery figures.
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