Already a subscriber?Tesla is slashing headcount by more than 10 per cent, part of a global retrenchment extending all the way into its executive ranks asChief Executive Officer Elon Musk revealed the job cuts in an email to staff, citing duplication of roles and the need to reduce costs. If the dismissals apply company-wide, they would amount to more than 14,000 employees.
Tesla reported vehicle deliveries early this month that missed expectations by a wide margin, posting its first quarterly decline in four years. Several analysts are bracing for the EV maker’s sales to potentially shrink for the year, citing slow output of its newest model — the Cybertruck — and a lull in new products until the company starts producing a next-generation vehicle late next year.
Tesla ended last year with 140,473 employees, almost double its total three years earlier. It’s been ramping up output at two plants — one in Austin, and the other outside Berlin — that started cranking out Model Y sport utility vehicles in early 2022. The company started slashing prices across its lineup as those facilities reached higher volumes.
Tesla’s shares fell 3.2 per cent at 9:53 a.m. in New York. The stock slumped 31 per cent this year through April 12, ranking among the worst performers in the S&P 500 Index.
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