Thursday, 21 June, 2018

Tesla undecimates its workforce but Elon insists everything's absolutely fine

Rich Pedroncelli  Associated Press Rich Pedroncelli Associated Press
Preston Stone | 12 June, 2018, 22:53

CEO Elon Musk said in an e-mail to workers Tuesday that the cuts amount to about 9 percent of the company's workforce of 40,000. At the same time, the job cuts announced today will reduce Tesla's costs, allowing the company to reach profitability more easily. For almost all of its history, Tesla has put up losses while investing heavily in technology, manufacturing plants and an extensive car-charging network.

Tesla said it began notifying impacted workers on Tuesday and would continue to do so throughout the week.

Last week, Musk overcame an attempt to strip him of his role as chairman of Tesla's board, a plan introduced by a company shareholder who raised doubts about Musk's ability to manage multiple companies simultaneously.

In October, Tesla fired "hundreds of workers" following annual performance reviews.

Tesla has struggled in recent months to resolve nagging production issues surrounding the Model 3 roll-out.

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Following the news, Tesla stock climbed more than 6%. Moreover, he said that this round of layoffs is necessary so that "we never have to do this again".

The delays and higher costs have put Tesla into unsafe territory where it is rapidly running out of cash and investors have become nervous about lending the company more money.

Musk also announced that the company's solar panel unit has chose to end its agreement to sell via Home Depot stores so it can focus on sales in Tesla's company stores and online.

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

Musk said the cutbacks would not affect the company's ability to reach Model 3 production targets in the coming months. "A focus on "getting lean" is a positive with respect to Tesla's guidance for achieving consolidated profitability in 2018, in our view, " he wrote. The layoffs would hit about 3,800 employees, company-wide. It can easily top $50,000 with options.

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