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giftedviz.com August 15, 2018


Tesla cutting 9% of jobs - Elon Musk

13 June 2018, 12:31 | Austin Hogan

Seeing Tesla Improving Production Rate: Keybank

Reuters

Tesla is cutting nine percent of its workforce, CEO Elon Musk announced today in a memo to staff.

The cuts come as the company aims to shrink costs and become profitable, Musk said.

"Given that Tesla has never made an annual profit in the nearly 15 years since we have existed, profit is obviously not what motivates us", he wrote in an email to employees and posted on Twitter. For almost all of its history, Tesla has put up losses while investing heavily in technology, manufacturing plants and an extensive car-charging network.

Musk, 46, has said Tesla is on the cusp of making money by turning a corner with the Model 3.

The company also said it will stop selling rooftop solar energy systems through kiosks at Home Depot stores, declining to renew an agreement for the in-store sales channel at a time when Tesla's residential solar installations have dropped to a four-year low as the company tries to stem losses at the business it acquired from SolarCity in November 2016.

Musk says the company is motivated by turning a profit.

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Tesla's latest annual filing last December showed it had 37,543 full-time employees.

Tesla's announcement comes a month after Musk announced a restructuring of Tesla's organizational chart.

The electric vehicle company needs the Model 3, its more affordable option, to succeed.

Tesla is ending its partnership with Home Depot and will remove its branded kiosks from as many as 800 of the home improvement chain's US stores by the end of the year. Tesla has never been profitable in its 15-year existence. "I'm deeply grateful for your many contributions to our mission". 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. The home energy products will be moved to Tesla's retail locations.

Noting that a "difficult job" remains ahead, Musk added: "We are a small company in one of the toughest and most competitive industries on Earth, where just staying alive, let alone growing, is a form of victory".



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