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Tesla and Musk announce more Spring layoffs


Elon Musk’s month has gone from bad to worse as Tesla has informed staff that layoffs are imminent.

In an all-staff email, first reported by The Information, the electric automotive manufacturer will lay off its Supercharger team, a significant change in the company’s structure and its leader, Rebecca Tinucci.

This move also includes the departure of Head of New Products, Daniel Ho, further reshaping the company’s leadership.

Tesla announces more layoffs

This news comes as a follow-up to the recent resignations of Drew Baglino and Rohan Patel, both in senior roles as the Chief of Tesla’s Powertrain and Head of Business Development. Their departure was in relation to Tesla’s pledge to axe 10% of staff, a decision made in light of a challenging business year for the company.

These changes have undoubtedly left a significant impact on Tesla’s operations and leadership structure.

According to the company’s annual report, Tesla employs 140,473 people, and signs of a substantial further cut have been looming. We covered Tesla’s decision to swing the hatchet at 14,000 staff earlier this month.

“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. There is nothing I hate more, but it must be done. This will enable us to be lean, innovative, and hungry for the next growth phase cycle,” Musk would tell the axed staff earlier this month.

Tinucci’s and her Supercharger team will be out of Tesla, but that hasn’t stopped Musk from making claims about the importance of charging technology to Tesla.

He has committed to finishing the work of the Supercharger team and puts new stations at the top of a list of business priorities.

As we reported, Tesla has been a captivating watch for those on the sidelines. The car company reported a slash to almost all their car models, and Musk canceled a business trip to India following the fallout on the stock market.

Image: Ideogram.

 

The post Tesla and Musk announce more Spring layoffs appeared first on Due.

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Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Tesla (TSLA)
4.2059 of 5 stars
$184.79+5.6%N/A47.14Hold$185.90
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