Tesla is laying off more than 10% of its workforce globally, according to an email reportedly sent by CEO Elon Musk.
The company is dealing with lower demand and tough competition on prices.
Tesla Inc. will reduce global headcount by more than 10%, Electrek reported, as the carmaker grapples with a slowdown in electric vehicle demand.
Tesla boss Elon Musk gave workers the bad news in an internal memo sent over the weekend. "Over the years, we have grown rapidly with multiple factories scaling around the globe. With this rapid growth there has been duplication of roles and job functions in certain areas. As we prepareRead Entire Article
Google layoffs: Tech giant Google announced major restructuring plans that could result in some employees getting fired, as per a report. Ruth Porat, chief financial officer at Google, sent a memo to employees informing them about company’s new plans, CNBC reported. What memo said on Google's restructuring plans?Ruth Porat wrote in the memo as per the report, “The tech sector is in the midst of a tremendous platform shift with Al. As a company, this means we have the opportunity to make more...
In the first quarter of 2024, the two biggest manufacturers of electronic vehicles, Tesla and its Chinese rival BYD reports dramatic sales drops compared against the same time last year.
An SEC filing made by Take-Two reveals that it expects the cost-cutting efforts, which it calls "rationalizing its pipeline" and "streamlining its organizational structure," to incur costs of up to $200 million, including $35 million from employee-related costs and $140 million from canceled projects. There are also $15 million toRead Entire Article
Cleveland Cliffs plant set to idle this Saturday.
Owner Elon Musk said it was a difficult decision to reduce Tesla's global headcount.
Alphabet's Google trimmed an unspecified number of employees from its workforce, a move it stated is part of a wider restructuring intended to simplify operations and increase efficiency.
Tesla Inc. is laying off more than 10% of its workforce, Chief Executive Elon Musk wrote in an email to staff. Musk cited job overlap and the need to reduce costs, estimating that the layoffs would affect 14,000 employees, according to the email. “As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” Musk wrote in the email viewed by Bloomberg News. “As part of this effort, we...
Tesla is reportedly cutting more than 10% of its global staff of 140,000. The cuts for the company, which had nearly doubled its overall headcount since the end of 2020, is just the latest example of the effects of more competition and softer demand in the electric car sector. An email that CEO Elon Musk sent to staff over the weekend attributed the planned job cuts to the need for “cost reductions and increasing productivity,” according to a report from Reuters. It did not mention anything...