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BeyondGeography

(39,498 posts)
Mon Apr 15, 2024, 10:25 AM Apr 2024

Tesla to lay off more than 10% of staff globally as sales fall

Source: Reuters

April 15 (Reuters) - Tesla (TSLA.O) will lay off more than 10% of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales and an intensifying price war for electric vehicles. The world's largest automaker by market value had 140,473 employees globally as of December 2023, its latest annual report shows. The memo did not say how many jobs would be affected. Some staff in California and Texas have already been notified of layoffs, a source familiar with the matter told Reuters, declining to be named due to the sensitivity of the subject.

"As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity," Tesla CEO Elon Musk said in the memo. "As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally," it said.

…The layoffs follow an exclusive Reuters report on April 5 that Tesla had cancelled a long-promised inexpensive car, expected to cost $25,000, that investors have been counting on to drive mass market growth. Musk had said the car, known as the Model 2, would start production in late 2025. Shortly after the story published, Musk posted "Reuters is lying" on his social media site X, without detailing any inaccuracies. He hasn't commented on the car since, leaving investors and analysts to speculate on its future.

Reuters also reported April 5 that Tesla would shift its focus to self-driving robotaxis built on the same small-car platform. Musk posted on X that evening: "Tesla Robotaxi unveil on 8/8," with no further details. Tesla could be years away from releasing a fully autonomous vehicle with regulatory approval, according to experts in self-driving cars and regulation.

Read more: https://www.reuters.com/business/autos-transportation/tesla-lay-off-more-than-10-its-staff-electrek-reports-2024-04-15/

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Tesla to lay off more than 10% of staff globally as sales fall (Original Post) BeyondGeography Apr 2024 OP
The more we find out about this fucker, the less there is to like EYESORE 9001 Apr 2024 #1
Oh.Noes. marble falls Apr 2024 #2
Anyway ArkansasDemocrat1 Apr 2024 #11
Seems like the Tesla brand is an unfolding nightmare Blue Owl Apr 2024 #3
That stupid truck has more serious problems! It's a junk heap made of steel PortTack Apr 2024 #4
With one more layoff, they can save $56 B annually in salary, and pump up sales instantly getagrip_already Apr 2024 #5
He doesn't get a 56B annual salary. Voltaire2 Apr 2024 #8
The automobile industry is brutal. Voltaire2 Apr 2024 #6
Electric cars will never be the answer to climate change. Yavin4 Apr 2024 #9
Fossil fuel engines are causing the problem and certainly are not the solution. Voltaire2 Apr 2024 #21
Elon Musk Elizabeth Holmes Yavin4 Apr 2024 #7
Musk: fascist jackass. Tesla: innovative ev manufacturer Voltaire2 Apr 2024 #10
He is named as one of five cofounders as part of an agreement in a 2009 lawsuit OnlinePoker Apr 2024 #14
He literally bought the right to call himself a founder. Voltaire2 Apr 2024 #17
Doubtful TESLA would have failed. Traurigkeit Apr 2024 #20
Pissing off more than half your potential customers is a bold strategy, Cotton ArkansasDemocrat1 Apr 2024 #12
Shiiiiiiit...truck and CEO. I feel sorry for the people who have to work for that shit stain. Comfortably_Numb Apr 2024 #13
Kick dalton99a Apr 2024 #15
Tesla's got a couple of problems that layoffs can't fix jmowreader Apr 2024 #16
Volkswagen recalls over 260,000 vehicles due to issues with fuel tank suction pumps Voltaire2 Apr 2024 #18
Mine is a Tiguan SEL jmowreader Apr 2024 #24
Ok, the point is that recalls are quite common. Voltaire2 Apr 2024 #25
He should have CUT his salary and bonuses to save his staff Traurigkeit Apr 2024 #19
Yep ck4829 Apr 2024 #27
Just about all their problems are linked to his repulsive personality. maxsolomon Apr 2024 #22
All they have to do is lay off the top guy FakeNoose Apr 2024 #23
Maybe start at the top? ck4829 Apr 2024 #26

EYESORE 9001

(26,450 posts)
1. The more we find out about this fucker, the less there is to like
Mon Apr 15, 2024, 10:29 AM
Apr 2024

Now if only the US government would break ties with this lunatic.

Blue Owl

(52,256 posts)
3. Seems like the Tesla brand is an unfolding nightmare
Mon Apr 15, 2024, 10:32 AM
Apr 2024

With a tRump-like clownstick at the center of it all....

PortTack

(33,448 posts)
4. That stupid truck has more serious problems! It's a junk heap made of steel
Mon Apr 15, 2024, 10:32 AM
Apr 2024

“Prepare for our next phase of growth.” The growth being the metal recyclers and junk piles. Gonna invest in that business too? Might be a good one for you.

getagrip_already

(15,758 posts)
5. With one more layoff, they can save $56 B annually in salary, and pump up sales instantly
Mon Apr 15, 2024, 10:34 AM
Apr 2024

Any MBA would find that a no brainer.

So how about it Tesla?

Voltaire2

(13,922 posts)
8. He doesn't get a 56B annual salary.
Mon Apr 15, 2024, 10:49 AM
Apr 2024

He has a total compensation package with 55B in stock options. That is not annual it is one time. It is also on hold due to a Delaware Court ruling that it was ridiculously excessive.

But yeah he should go away. The brand would immediately improve.

Voltaire2

(13,922 posts)
6. The automobile industry is brutal.
Mon Apr 15, 2024, 10:38 AM
Apr 2024

Huge capital expenditures, lots of competition, and getting stuck with inventory can be fatal.

This is Tesla’s first big test since it joined the big leagues. Too bad they are stuck with a CEO with the maturity of a 12 year old edge lord.

Yavin4

(35,580 posts)
9. Electric cars will never be the answer to climate change.
Mon Apr 15, 2024, 10:50 AM
Apr 2024

People will always buy huge gas guzzlers. The best alternative is more robust public transportation and tax larger vehicles for their size.

Voltaire2

(13,922 posts)
21. Fossil fuel engines are causing the problem and certainly are not the solution.
Mon Apr 15, 2024, 03:31 PM
Apr 2024

EV's are undeniably better for the environment, despite the FUD campaigns from OilCo. While I agree that 'robust public transportation' is even better, the same people who you claim 'will always buy huge gas guzzlers' will also continue to buy fossil fuel based cars unless there are economic incentives and disincentives to steer them away from them. Luckily we could both disincentivize ICE engine vehicles and improve public transportation and smooth the transition with EVs and PHEVs. Of course we instead aren't going to do much of anything as there is a major political party that opposes all reforms.

Yavin4

(35,580 posts)
7. Elon Musk Elizabeth Holmes
Mon Apr 15, 2024, 10:48 AM
Apr 2024

Only a matter of time until his whole house of cards fall. And fall they will.

Voltaire2

(13,922 posts)
10. Musk: fascist jackass. Tesla: innovative ev manufacturer
Mon Apr 15, 2024, 10:52 AM
Apr 2024

that made mass production evs a reality. Also Musk did not found Tesla he acquired it.

Holmes had no product at all, it was bullshit from the beginning to the end.

OnlinePoker

(5,754 posts)
14. He is named as one of five cofounders as part of an agreement in a 2009 lawsuit
Mon Apr 15, 2024, 12:54 PM
Apr 2024

Without Musk's money and influence, Tesla would likely have failed and EV adoption would be nowhere near as advanced. Hate the man, but the company has done a good job moving the tech forward and showing the rest of the auto industry that people will buy them. The issue with Tesla is all their vehicles look dated now and the Cybertruck is a monstrosity.

Voltaire2

(13,922 posts)
17. He literally bought the right to call himself a founder.
Mon Apr 15, 2024, 01:16 PM
Apr 2024

He wasn't. And yes without him Tesla might indeed have failed. And I agree that the ev tech tesla created and advanced is good. That was more or less the point of my post. The people knocking Tesla are mistaken.

ArkansasDemocrat1

(1,763 posts)
12. Pissing off more than half your potential customers is a bold strategy, Cotton
Mon Apr 15, 2024, 10:58 AM
Apr 2024

Let's see if it works for him.

I'd rather get a hybrid Camry or a Leaf with a dedicated charger in my garage once I build.

jmowreader

(50,834 posts)
16. Tesla's got a couple of problems that layoffs can't fix
Mon Apr 15, 2024, 01:06 PM
Apr 2024

I will name three.

Problem 1: a 2024 Model S is basically the same car as a 2019 Model S. Since these cars last a long time as long as you don’t get in an accident in one, this discourages trade-ins.

Problem 2: way too frequent recalls. “But recalls can happen over the air!” Yeah, and my 2020 Volkswagen hasn’t been recalled once since I got it.

Problem 3: thanks to Tesla working with the rest of the auto industry to make NACS the standard way to charge an EV Tesla’s big advantage, the Supercharger network, has gone away. Now that you can charge any EV from a Tesla charger it’s pretty safe to buy one that doesn’t have a T on the nose.

Voltaire2

(13,922 posts)
18. Volkswagen recalls over 260,000 vehicles due to issues with fuel tank suction pumps
Mon Apr 15, 2024, 01:20 PM
Apr 2024
https://www.usatoday.com/story/money/cars/recalls/2024/02/23/volkswagen-recall-2024-fuel-tank-issue/72709611007/

You must be lucky. Recalls happen across the industry. Tesla is neither the worst nor the best.

Voltaire2

(13,922 posts)
25. Ok, the point is that recalls are quite common.
Tue Apr 16, 2024, 05:15 PM
Apr 2024

And tesla is neither the worst or the best in this quality metric.

maxsolomon

(33,894 posts)
22. Just about all their problems are linked to his repulsive personality.
Mon Apr 15, 2024, 04:42 PM
Apr 2024

Back before he bought Twitter, there were 3 or 4 Teslas among my co-workers. No one else has bought one since.

FakeNoose

(33,943 posts)
23. All they have to do is lay off the top guy
Mon Apr 15, 2024, 05:46 PM
Apr 2024

Suddenly sales would pick up and the company would run like clockwork.

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