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techkenyot.com September 21, 2018


Tesla to cut staff by 9 percent in drive for profitability

13 June 2018, 12:30 | Hattie Nash

Tesla to cut staff by 9 percent in drive for profitability

Reuters

Tesla announced on Tuesday that it would cut 9pc of jobs across the company.

Nearly all of the jobs are salaried positions, Musk said.

On Tuesday, Musk tweeted that the company will cut 9 percent of its workforce as part of the restructuring and to "become profitable". Each time, after a few quarters of small profits, Tesla would ramp up production of another auto model-first the Model X, then the Model 3-and rack up more big losses, as this chart from Bloomberg shows.

Tesla said after the cuts it would still have more employees than it had at the beginning of 2018.

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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.

It was not immediately clear if any of the layoffs would affect Tesla's solar panel factory in Buffalo, where the company has been partnering with Panasonic.

The announcement came in an email Musk sent to employees about a series of layoffs Tesla began this week. For almost all of its history, Tesla has put up losses while investing heavily in technology, manufacturing plants and an extensive car-charging network.

He also predicted Tesla would be profitable in Q3 and Q4.

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The Tesla-branded kiosks were created to educate consumers and ultimately generate sales of its residential rooftop solar panels and Powerwall, a battery it designed for homes that store the energy generated by solar panels. "The majority of Tesla employees working at Home Depot will be offered the opportunity to move over to Tesla retail locations", Musk said. "I'm deeply grateful for your many contributions to our mission".

"We are making this hard decision now so that we never have to do this again", he said. That makes these layoffs much more significant than the hundreds of workers Tesla fired last fall. He added that affected employees will receive "significant salary and stock vesting", proportionate to the time they spent at the company.

"We are conducting a comprehensive organizational restructuring across our whole company", Musk wrote in the memo.

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