Tesla cuts 9 percent of workforce in bid to post profit

Tesla cuts 9 percent of workforce in bid to post profit

The layoffs are "almost entirely" in salaried positions and won't impact Tesla's efforts to increase Model 3 production, Musk said.

Afterward an emotional Musk appeared to signal brighter days ahead for the Tesla when he predicted the company would begin pushing out 5,000 Model 3s per week by the end of June.

Based on conversations with Tesla dealers, KeyBanc Capital analysts raised their expectations for second-quarter delivery of Model 3 vehicles to 30,000 from 20,000.

Tesla in May announced a pending restructuring.

Tesla is cutting nine percent of its workforce, CEO Elon Musk announced today in a memo to staff. That is a valid and fair criticism of Tesla's history to date.

Tesla shares pared an earlier gain of as much as 6.9 per cent and were up 3.2 per cent to US$342.81 as of 2:21 p.m.in NY trading. Employees told the paper that they received "little or no warnings" before the firings, which reportedly targeted 400 to 700 employees, leading to "lowered morale through many departments".

Warriors' Durant hints at retirement -- when he's 35
The No. 28 pick could well play a role as well, and if McCaw or Looney return, they'll be expected to take on bigger roles next season.

"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 can eventually demonstrate that we can be sustainably profitable".

This week, we are informing those whose roles are impacted by this action.

According to sources familiar with the matter, there was a round of layoffs at Tesla that started on Monday and it is going to be made official by Tesla CEO Elon Musk today.

In addition to the restructuring, Tesla won't renew a residential sales agreement with Home Depot Inc. and focus instead on selling solar power in its own stores and online, Musk wrote. The majority of Tesla employees working at Home Depot will be offered the opportunity to move over to Tesla retail locations. It is very hard to say goodbye.

The company is making the move now so it never has to do it again, he wrote.

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