Thursday, 16 August, 2018

Tesla to lay off 9% of workers as part of restructuring plan

Seeing Tesla Improving Production Rate: Keybank Tesla is laying off ‘about 9%’ of its workforce as it ‘restructures’ the company
Laurie Berry | 12 June, 2018, 22:29

The move coincided with a significant jump in Tesla's stock price following a report from Keybanc Capital Markets that it increased its second-quarter production outlook for the Model 3 by 50 percent.

Mr Musk said the job cuts were a "difficult decision".

"Tesla has grown and evolved rapidly over the past several years, which has resulted in some duplication of roles and some job functions that, while they made sense in the past, are hard to justify today", Musk wrote.

Tesla said it plans to cut 9% of its workforce as part of a restructuring meant to reduce costs and boost profitability.

Tesla said it began notifying impacted workers on Tuesday and would continue to do so throughout the week.

Tesla has never been profitable in its 15-year existence.

Police officer lauded for saving toddler on IL highway
Police said the child had left his mother's home before taking a run on the busy road. Sergeant Mannino was awarded the department's Life Saving Award last week.

To ensure that Tesla is well prepared for the future, we have been undertaking a thorough reorganization of our company.

"These cuts were entirely from our salaried population and no production associates were included, so this will not affect our ability to reach Model 3 production targets in the coming months".

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".

Tesla's workforce has grown at an incredible pace since the acquisition of SolarCity, which pushed Tesla's total headcount to over 30,000 employees. The company let go of 400 to 700 workers last fall after completing annual performance reviews, and it laid off a small number of workers back in 2008.

Musk's note also said that Tesla will end distribution of its solar power and home battery equipment at Home Depot and focus on direct sales instead.

At the start of April, the company's shares had fallen by around 35 percent from a peak hit last September but signs that it is on course to meet an output target of 5,000 Model 3 cars per week have wiped out nearly all of this year's losses.

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