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Tesla cutting 9 percent of its workforce to save costs

12 June 2018, 10:53 | Melvin Schneider

Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company

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Tesla announced Tuesday it planned to lay off up to nine percent of its workforce, a move that could eliminate thousands of its roughly 40,000 employees.

"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", he said in the message, which was also posted to Musk's Twitter feed. That is a valid and fair criticism of Tesla's history to date.

He thanked departing employees for their hard work and said Tesla is providing "significant salary and stock vesting" to those being let go, based on their length of service.

Musk, 46, has said Tesla is on the cusp of making money by turning a corner with the Model 3. That price target is about 10% lower than Tesla stock's recent prices near $332 per share.

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As many as 9% of Tesla's workforce will be let go.

Tesla would not say how much money the layoffs would save, but said no factory workers would be affected as the company continues to ramp up production of its lower-priced Model 3 compact vehicle. Tesla isn't letting go any production associates, as the company is trying to ramp up Model 3 production. Moreover, he said that this round of layoffs is necessary so that "we never have to do this again".

Tesla shares rose 2.5 percent to $340.34 in afternoon trading, after reaching as high as $354.97 around noon. The areas were to be outfitted during the first half of this year and staffed by Tesla employees to demonstrate that its panels and batteries have mainstream appeal.

Tesla also said it was not renewing its residential sales agreement with retailer Home Depot in order to focus on selling solar power in Tesla stores and online. Tesla is up 11.3% this year. 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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