Tesla: to reduce headcount by about 7%
(CercleFinance.com) - Tesla said on Friday it would reduce about 7 percent of its 45,000 headcount, or 3,150 jobs, in order to stay profitable.
The Californian electric car maker also said it will retain only the "most critical" temps and contractors.
"We grew by 30% last year, which is more than we can support," CEO Elon Musk wrote in a letter to employees.
Tesla said that it needs to make these cuts while increasing Model 3 production rates and making many manufacturing engineering improvements in the coming months.
After posting a 4% margin in third-quarter earnings, followed by a smaller profit in the fourth quarter, Tesla said it expects to post a "tiny" profit for the first quarter of 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Californian electric car maker also said it will retain only the "most critical" temps and contractors.
"We grew by 30% last year, which is more than we can support," CEO Elon Musk wrote in a letter to employees.
Tesla said that it needs to make these cuts while increasing Model 3 production rates and making many manufacturing engineering improvements in the coming months.
After posting a 4% margin in third-quarter earnings, followed by a smaller profit in the fourth quarter, Tesla said it expects to post a "tiny" profit for the first quarter of 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.