Wednesday, 15 August, 2018

Elon Musk announces Tesla to cut 9 percent of jobs

Rich Pedroncelli  Associated Press Rich Pedroncelli Associated Press
Russell Knight | 12 June, 2018, 22:29

Tesla will lay off almost one in 10 of its workers but the cuts won't hamper its drive to meet production targets for the Model 3 sedan, according to company CEO Elon Musk.

The move is part of an organizational restructuring that Musk announced earlier in the year.

"Tesla has grown and evolved rapidly over the past several years, which has resulted in some duplication of roles and some job functions that, while they made sense in the past, are hard to justify today", Musk wrote.

At the same time, the job cuts announced today will reduce Tesla's costs, allowing the company to reach profitability more easily.

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At the company's annual shareholder meeting earlier this month, Musk said he expected the Palo Alto, California, company to post a quarterly profit during the July-September period. A majority of Tesla employees working at Home Depot will get offers to work in Tesla's own stores.

In the note, which he tweeted out after it was leaked to media outlets, Musk said that almost all of the cuts would be salaried positions, and that the production staff is largely unaffected.

Home Depot's relationship with Tesla will continue through the end of the year, and the company "plans to continue offering solar options to our customers", according to an emailed statement from Steve Holmes, a spokesman for the retailer.

"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". Year-to-date, Tesla's headcount is up roughly 15%. Musk also has talked about a restructuring of its production line, after failing to meet Model 3 goals. We are a small company in one of the toughest and most competitive industries on Earth, where just staying alive, let alone growing, is a form of victory (Tesla and Ford remain the only American vehicle companies who haven't gone bankrupt).

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