Tesla apparently facing major job cuts – economy
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The US electric car manufacturer Tesla reportedly wants to cut more than one in ten jobs worldwide. Tesla boss Elon Musk announced the job cuts in an internal communication, several media outlets such as the tech publication Electrek and the Handelsblatt reported on Monday, citing the letter. Accordingly, 14,000 jobs will be affected by the job cuts. “This will make us lean, innovative and hungry for the next phase of growth,” wrote Musk. He hates the step, but it is necessary. Tesla did not immediately respond to a request for comment.
Tesla will present its figures for the past quarter next week. The electric car pioneer started the year with a significant decline in sales. It was the first time in almost four years that the company sold fewer vehicles than a year ago. Tesla is struggling with competition from industry newcomers such as smartphone manufacturer Xiaomi in China and the growing range of electric cars. The effect of price cuts and discounts is now dwindling as Americans are only slowly refreshing their aging model range and will only come up with important new products next year. According to insiders, Tesla has also abandoned its plan to build a low-cost electric car for the mass market.
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