Sunday, 20 October, 2019

Tesla to cut thousands of jobs, sees smaller fourth-quarter profit

Tesla is bringing an early end to its popular customer referral program. Image Shutterstock Tesla is bringing an early end to its popular customer referral program. Image Shutterstock
Rhonda Young | 21 January, 2019, 13:28

To help the company maintain profitability, Tesla is adopting Q3 2018's strategy this quarter, with the electric vehicle maker pushing the Model 3 Performance and the Long Range Model 3 AWD to customers in Europe and China.

The employees said that the decision came as a shock to them as Musk had never hinted at future job cuts, despite speaking of how the company will have to restructure its operations to become profitable.

"Our products are too expensive for most people", Mr Musk said in the memo to Tesla staff. saying the company has to "work harder".

Elon Musk says Tesla will need to produce more cars this year with a smaller, more efficient workforce.

"The need for a lower priced variant of Model 3 becomes even greater on July 1, when the USA tax credit again drops in half, making our vehicle $1,875 more expensive, and again at the end of the year when it goes away entirely".

According to Musk, Model 3 shipments to Asia and Europe will allow the company to target a tiny profit.

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The need for "lower-priced variants of Model 3 becomes even greater on July 1", when a USA tax credit drops by half, making the auto Dollars 1,875 more expensive, and again at the end of the year when it goes away entirely, said the flamboyant Musk, who also heads SpaceX. "We need to continue making progress towards lower priced variants of Model 3".

A copy of his email published on the company's website on Friday said Tesla increased its staff by 30 percent a year ago, but it could not support that size of staff as "the road ahead is very difficult".

The Gigafactory 3 is Tesla's first overseas plant outside the US and comes amid the ongoing US-China trade war. Musk referred to that 4 percent as "our first meaningful profit in the 15 years since we created Tesla".

Elon Musk also said that more focus is needed on to the lower priced variants of the sedan, with the most affordable option so far being Dollars $44,000 (roughly CAD $58,000).

The figure represents about 7 percent of the company's workforce, and the announcement of the firings is somewhat counter-intuitive.

As of 10:00 a.m.in NY, shares of Tesla were changing hands at $317.41 after declining $29.90, or 8.61% on the Nasdaq stock market.

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Tesla announced Friday via an employee email that it would be laying off 7 percent of its 45,000 employees. When the dust settled, Tesla posted a quarterly net income of $312 million.

The company must now make rapid gains in its manufacturing processes as it increases the production rate of the Model 3, Musk said.

If the Model 3 configuration were made available on Tesla's Australian website before then end of the month, punters would be able to take advantage of the offer before it ends by ordering their Tesla Model 3 through the website.

It also had to cut prices in the U.S. to offset lower green tax credits.

Tesla shares dropped to US$321 in early USA trading.

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