Tesla layoffs hit high performers, some departments slashed, sources say [Yahoo! Finance]
Tesla, Inc. (TSLA)
Last tesla, inc. earnings: 4/29 04:11 pm
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Source: Yahoo! Finance
due to poor financial performance, a source familiar with the matter told TechCrunch. The layoffs were announced to staff just a week before Tesla is scheduled to report its first-quarter earnings. The move comes as Tesla has seen its profit margin narrow over the past several quarters, the result of an EV price war that has persisted for at least a year. The company delivered a record 1.81 million vehicles in 2023. Its margins, however, took a hit after Tesla repeatedly slashed prices in a bid to drum up sales and undercut the competition. Tesla informed employees that more than 10%, or about 14,000 workers, will be laid off across the global organization that has operations in the United States, Europe and China. The layoffs, which affected employees across all departments and seniority levels, were made to reduce costs and increase productivity to prepare for its "next phase of growth," according to an internal email from CEO Elon Musk that TechCrunch has viewed. High perform
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