Tesla plans 7 pct staff cut, says road ahead very difficult
Posted Jan 18, 2019 06:34:22 AM.
This article is more than 5 years old.
Electric car and solar panel maker Tesla says it plans to cut its staff by about 7 per cent. In an email to employees released early Friday it said the “road ahead is very difficult.”
The memo posted on the company’s website said Tesla Inc. hopes to post a “tiny profit” in the current quarter. It said Tesla increased its staff by 30 per cent last year but cannot support that size of staff.
Tesla’s shares tumbled earlier this month after it cut vehicle prices by $2,000 and announced fourth-quarter sales figures that fell short of Wall Street estimates.
The Associated Press
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