Tesla Lays Off 9 Percent Of Workforce

Jean Garcia | 14 June, 2018, 08:32

Elon Musk bought about $25 million worth of Tesla stock this week.

"Given that Tesla has never made an annual profit in the nearly 15".

In May, Tesla posted first-quarter results showing the company made a record £523m ($710m) net loss after burning through a massive £549m ($745.4) cash pile attempting to ramp-up production of its highly-anticipated Model 3 sedan.

The share purchases could be a signal to employees and Wall Street that he's still optimistic about the future of Tesla.

Tesla CEO Elon Musk responded to a Twitter complaint, promising to change the screen alert to clarify that the system is sensing "slight up or downward force" on the wheel, not really "hold the wheel".

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Tesla will notify the affected workers this week and and although an exact number of job losses has not yet been confirmed a spokesman said it would reduce overall employment back to around 37,000 - roughly in line with numbers at the end of past year.

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".

The layoffs come in engineering, sales and other front-office functions, but the company says the remaining workforce is large enough to accomplish Musk's lofty goals of rolling out a semi, pickup truck and a new SUV in the coming years.

Also of note is that Musk has a somewhat unconventional pay package at Tesla, where he'll be granted additional stock options as the company hits key milestones. He said most Tesla employees working at Home Depot will be offered a chance to move to Tesla retail locations.

Tesla has been trying to hit a 5000 per week production target for its Model 3 sedan after facing initial production hiccups. "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.

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Tesla Lays Off 9 Percent Of Workforce

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