Saturday, 18 August, 2018

Tesla cuts 9 percent of workforce in bid to post profit

Tesla to Cut Workforce by 9% Musk Says It Won’t Affect Model 3 Production Tesla to Cut Workforce by 9% Musk Says It Won’t Affect Model 3 Production
Orlando Vargas | 12 June, 2018, 22:51

We made these decisions by evaluating the criticality of each position, whether certain jobs could be done more efficiently and productively, and by assessing the specific skills and abilities of each individual in the company. That is a valid and fair criticism of Tesla's history to date.

Home Depot's relationship with Tesla will continue through the end of the year, and the company "plans to continue offering solar options to our customers", according to an emailed statement from Steve Holmes, a spokesman for the retailer.

Last month Mr Musk said the company was planning a wide-ranging reorganisation that would flatten its management structure.

Model 3 production has been viewed as a critical bellwether of Tesla's near-term profitability. The company let go of 400 to 700 workers last fall after completing annual performance reviews, and it laid off a small number of workers back in 2008.

Based on conversations with Tesla dealers, KeyBanc Capital analysts raised their expectations for second-quarter delivery of Model 3 vehicles to 30,000 from 20,000.

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Musk wrote in the email that the company will never achieve its mission to help move the world to cleaner energy "unless we eventually demonstrate that we can be sustainably profitable".

Tesla shares rose 2.5 percent to $340.34 in afternoon trading, after reaching as high as $354.97 around noon.

Tesla shares pared an earlier gain of as much as 6.9 per cent and were up 3.2 per cent to US$342.81 as of 2:21 p.m.in NY trading.

Tesla has been burning cash nearly continuously since it was founded 15 years ago.

"These cuts were entirely from our salaried population and no production associates were included, so this will not affect our ability to reach Model 3 production targets in the coming months". But Musk has promised an acceleration of Model 3 manufacturing, which will allow the company to bring in a lot more revenue.

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