Tesla profits cut in half as demand falls
www.bbc.com
The EV maker brings forward launch plans for new models as profits drop by more than half.

Tesla has seen its profits more than halve this year, and says it will bring forward the launch of new models after announcing thousands of job cuts to try to reverse its fortunes.

Despite plans to bring forward new models originally planned for next year the firm is cutting its workforce.

Tesla said it would lose 3,332 jobs in California and 2,688 positions in Texas, starting mid-June.

The cuts in Texas represent 12% of Tesla’s total workforce of almost 23,000 in the area where its gigafactory and headquarters are located.

  • EnderMB@lemmy.worldEnglish
    0·
    7 months ago

    It’s sad to say, but I’m glad we’re at a point where shareholders now look at job cuts as a negative, and layoffs don’t result in an increase in share price.

    Amazon have been cutting jobs for their third year running now, on top of URA, and the only thing keeping our CEO in a job right now is happy shareholders.

      • Billiam@lemmy.worldEnglish
        0·
        7 months ago

        God fucking damnit, I hate Wall Street.

        We sold fewer cars than expected, lost money, revealed that even though we’re making 1000 Cybertrucks a week we’ve only sold 4000 of them and had to recall every single one because we fucking glued the foot pad onto the accelerator pedal, and had our lying sack of shit CEO’s compensation nerfed by a judge so in response we’re gonna fire 6000 people.

        Line go up.