Tesla To Layoff 9% Of Workforce

[Sofia + 35]

Tesla is reportedly planning to lay off approximately 4,100 of its 46,000 employees to cut costs.  Musk tweeted they have made this difficult decision to let go approximately 9% of workforce because, among other reasons, company hasn't made an annual profit in the almost 15 years since it was founded. 

[Adam Varga + 123]

No annual profits in 15 years? Wow. That's something I didn't have a clue about it. And he is still trying to convince us that this won't effect company's ability to reach Model 3 production targets. It doesn't sound convincing to me. 

[LAOIL + 33]

This isn't the first laid off in Tesla. Last fall they let go about 400-700 people after completing annual performance reviews and also small number of workers in 2008. 

[BlackTortoise + 103]

"The layoffs come in engineering, sales and other front-office functions, but the company says the remaining workforce is large enough to accomplish Musk's lofty goals of rolling out a semi, pickup truck and a new SUV in the coming years."

If most of those are their engineers then its game over. 

[Sofia + 35]

Tesla stock is up 40% after Musk said he'd lay off workers. 

[Guillaume Albasini + 851]

3 hours ago, BlackTortoise said:

"The layoffs come in engineering, sales and other front-office functions, but the company says the remaining workforce is large enough to accomplish Musk's lofty goals of rolling out a semi, pickup truck and a new SUV in the coming years."

If most of those are their engineers then its game over. 

 

You can add a compact car to the list. Musk has said that Tesla plans to launch a compact car within five years.

http://overdrive.in/news-cars-auto/tesla-plans-to-launch-electric-compact-car-within-five-years-musk/

[DanilKa + 443]

3 hours ago, Sofia said:

Tesla stock is up 40% after Musk said he'd lay off workers. 

not even 4% up. In my view - wrong direction; move is not compatible with valuations of growth tech stock.

I find it peculiar that layoffs were not mentioned at the AGM.

Disclaimer - I have no horse in this dog fight.

[BlackTortoise + 103]

Not just reduction of the workforce, but also Tesla is pulling out of its arrangement with Home Depot. Allegedly because they are planning to sell the products as its own store and online. 

 

https://www.chainstoreage.com/store-spaces/tesla-pulls-plug-on-home-depot-solar-plan/

[Stormysaga + 62]

Musk bought more than  70,000 shares of his company while announcing layoffs, spending roughly $25 million on the shares. And he did it month after buying $10 million in Tesla stock. Complete illogicality or maybe it's  just his bluff, though a very expensive  and risky one. 

[DanilKa + 443]

2 hours ago, Stormysaga said:

Musk bought more than  70,000 shares of his company while announcing layoffs, spending roughly $25 million on the shares. And he did it month after buying $10 million in Tesla stock. Complete illogicality or maybe it's  just his bluff, though a very expensive  and risky one. 

he promised to destroy shorts... May need to fork out a bit more than that. Profitable year and start repaying debt would do.