Tesla (TSLA) to lay off 10% of employees
CEO Elon Musk says Tesla needs to reduce costs and increase productivity.
Tesla, the world’s leading electric vehicle manufacturer, will lay off 10 percent of its workforce, a massive round of reductions that’ll see thousands of employees lose their jobs. The move comes just over a week before Tesla (TSLA) is set to share its earnings report for the latest financial quarter.
Tesla’s imminent layoffs were announced by CEO Elon Musk in an internal memo to employees, which was obtained by CNBC. “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.
Source: Tesla
The news of layoffs at Tesla caused the stock to take a hit, dropping as low as $164.80 after starting the day at $170.20. Earlier this month, Tesla reported an 8.5 percent drop in annual vehicle deliveries. It was the first time the EV company saw a decline in deliveries year-over-year since the pandemic began in 2020.
With Tesla set to cut thousands of jobs, even more attention will be on the EV company when it reports its quarterly earnings next week. For more on Tesla and Elon Musk’s other business dealings, Shacknews has what you need to know.
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replyDonovan Erskine posted a new article, Tesla (TSLA) to lay off 10% of employees
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Tesla cutting 10% or 14,000 jobs
https://www.theguardian.com/technology/2024/apr/15/tesla-cut-jobs-elon-musk-staff-
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"The reported move follows a difficult start to the year for the electric carmaker, which missed market expectations with first-quarter sales figures. Tesla said it had made approximately 387,000 deliveries to customers in the first quarter of 2024, missing market expectations by about 13%. It was its first fall in deliveries in nearly four years.
The company cited production problems caused by unforeseen factors such as attacks on shipping in the Red Sea and an arson attack on its European factory, but the figures also pointed to a softening in global demand.
Musk dismissed comments that his divisive persona had caused a downturn in sales and pointed to similarly poor figures from the Chinese rival BYD, saying it was a “tough quarter for everyone”.
Tesla has manufacturing sites in California, Nevada, Texas and New York in the US as well as plants in Germany and China."-
...as attacks on shipping in the Red Sea and an arson attack on its European factory and a dipshit ceo that cant shut up...
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“unforeseen factors” lol
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China did the usual deal. You got a few years to make money then they have cloned your processes.
The amount of money from the Chinese government into BYD, having mastered electric cars courtesy of Elon, is just another notch in the “unforeseen factors” in doing business in China.
And people wonder why the iPhone isn’t doing wel there either …-
https://www.shacknews.com/chatty?id=42380115#item_42380115
Elon chose not to make mass market vehicles and BYD stepped in. Someone can say it is unfair all they want but Elon threw whatever lead he had, one where he traded the cheap EVs on his roadmap for expensive boondoggles that nobody wants.
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He's been scamming them for years:
https://arstechnica.com/tech-policy/2019/09/solarcity-was-insolvent-when-tesla-paid-2-6-billion-to-buy-it-lawsuit-says/
On October 28, 2016, as a ruse to ensure Tesla stockholders approved its acquisition of bankrupt Solar City, bailing out both his family and himself, Elon Musk revealed a solar roof tile that was entirely fake, as were the roofs on display at the event. Some shareholders sued, but conveniently retiring Delaware judge Joseph Slights decided that "stock price, bro" should prevail and it did (at least so far).
https://www.threads.net/@machineplanet_saf/post/C5wmqVjPhB8 -
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Yep makes sense. Keep em rich, keep your inner circle in favor. Very much a monarchy
They are cutting TEN PERCENT of global workforce and the board approved the cyber truck fiasco instead of focusing on their brilliant 4 competitive product lines
All hail the king, long live the king
He is openly toxic to any brand or product now and no one seems to care
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He controls the board, though. They tried to give him a considerable comp package a while back, and we're only stopped by a judge in Delaware.
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Yup
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who is that guy in the second pic
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lol wtf
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For me personally, I prefer my chairs facing walls.
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^- wallfacer
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He is appalling.
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This - this!!!! This is your C E O. In public. On social media. hahaha holy shit...
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Hope they aren't letting anyone go in quality control.
https://twitter.com/EoinHiggins_/status/1779612564579647789?t=djRXa3gUdT_1zNQw4AfPzw&s=19-
https://www.threads.net/@gwhitta/post/C5ySBEzPNcf
note: do not attempt to put Cybertruck through car wash. do not taunt Cybertruck. do not expose Cybertruck to irony.-
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but the vibes are worth it https://www.threads.net/@dankim312/post/C5KCQayrPJs
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That one is seriously wild. If that's generally repeatable that seems like a big lawsuit to me
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Tesla will issue a recall six years from now.
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So there no mechanical fastener holding that on to the pedal? Just glue of some sort?
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Tesla has quality control?
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Perhaps hey check if everything is glued together to spec by wiggling it until it starts to come loose. That way you know the assembly line did it properly!
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Quality control is for boring, slow big companies, not fast chaotic startups doing important work for humanity
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Just legal and PR.
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There go all the women and minorities, am I right??
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Related, ready to pay for Twitter? New users may have to.
https://imgur.com/a/T9vJCyL -
Wonder if this still applies
https://imgur.com/6GcpU52 -
Someone competent would have released an EV that everyone wanted. Instead we got junk like the Cybertruck while China played Musk and are cranking out mass market EVs.
The $25000 model is dead, the Semi still isn't in mass production, the Roadster has been MIA since 2019, the Cybertruck is a dud, and now Musk is trying to rope investors with robotaxis that there is still no realistic timeline for.
Tesla was an EV leader and now there is real threat of falling behind because it chased Musk's projects and fantasies as other manufacturers start catching up with their own battery production capacity.-
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'getting other manufacturers to catch up' = be so successful there's massive amounts of competition. He didn't mean 'have China steal our IP and launch a bunch of competitors with our tech'
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Clearly not too smart if he thought China wouldn't do just that. Plus he made it even easier for them when he started manufacturing Teslas in China.
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He's been saying that FSD was 12-18 months away since the mid-2010s and he finally had to pump the brakes on that once enough people had Model 3s and there was no hiding from the reality.
And reality is really the thing right now, I'm not certain that investors will buy his pitch for pivoting to robotaxis this time.-
Article from last year before the $25k car was cancelled this month: https://www.axios.com/2023/09/08/tesla-musk-global-electric-car-robotaxis
Most of Musk's engineers pushed for the safer, conventional option. They had a more realistic outlook on how long it would take for Tesla's Full Self-Driving (FSD) technology to be ready, Isaacson writes.
- "If we go down a path of having no steering wheel, and FSD is not ready, we won't be able to put them on the road," Tesla's longtime chief designer, Franz von Holzhausen, told Musk at a fateful meeting on Aug. 18, 2022.
- The designer suggested making a car with a steering wheel and pedals that could be easily removed later.
Musk was adamant, Isaacson writes: "No mirrors, no pedals, no steering wheel. This is me taking responsibility for this decision."
- When his deputies still resisted, Musk got into one of his very cold moods.
-"Let me be clear," Musk said slowly. "This vehicle must be designed as a clean robotaxi. We're going to take that risk. It's my fault if it f--ks up. But we are not going to design some sort of amphibian frog that's a halfway car. We are all in on autonomy." -
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I had hope that ol’ Chevy would do what Musk couldn’t and start cranking out a variety of affordable models when they started with the Bolt. But years later they have not expanded on that early success and are returning to hybrids and making competing giant 100k trucks. It’s so stupid. They even pushed back on cancelling the bolt because they did not yet have a series of cars to replace it.
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What a waste of time and resources the stupid cybertruck is, time that could have gone to a compact SUV. Just glad I don't own shares anymore.
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