Tuesday, 23 October, 2018

Tesla sacks 9% of its workforce: Elon Musk announces major job losses

Musk tells fans 'full self driving' Teslas are near, as investigators dig into Autopilot accidents Seeing Tesla Improving Production Rate: Keybank
Jan Cook | 13 June, 2018, 05:52

Following a leak of the news, company CEO Elon Musk has confirmed the news and shared the full "reorg" letter sent to employees.

The move - the biggest widespread layoff in Tesla's 15-year history - will nearly entirely involve salaried employees and comes as the carmaker races to hit production targets for its critical Model 3 sedan. At the same time, the job cuts announced today will reduce Tesla's costs, allowing the company to reach profitability more easily.

Musk claimed the profit has never been Tesla's motivation, adding: "What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable".

It wasn't clear what would be the result of "flattening the management structure", but layoffs were expected to be part of the plan.

Musk told employees in May that the company was undergoing a "thorough reorganisation" as it contends with production problems, senior staff departures and recent crashes involving its electric cars. Rough math indicates that around 3,400 employees will be looking for new jobs in the near future.

The email from Musk said. For almost all of its history, Tesla has put up losses while investing heavily in technology, manufacturing plants and an extensive car-charging network.

IOS 12 - Hands On
Apple also rolled out new tools for augmented reality, saying users would be able to share worlds in games, for instance. A Screen Time limit lets parents block off time when the device can't be used at all , like around bedtime.

Tesla shares are up 20.5 percent in June, on pace for their biggest monthly gain month since August 2014, boosted by optimism the company can meet production targets for its Model 3 sedans.

"We are a small company in one of the toughest and most competitive industries on Earth", Musk wrote.

Tesla started selling solar panels and home battery packs at Home Depot earlier this year.

"It is very hard to say goodbye", Musk said in the letter. Musk said Tesla is making the move now so it never has to do it again.

Affected staff will be informed this week of their job losses, with Musk promising they would receive "significant salary and stock vesting" linked to their length of service.

To those who are departing, thank you for everything you've done for Tesla and we wish you well in your future opportunities.

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