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News Tesla Slashes 9 Percent of Workforce

16:59  13 june  2018
16:59  13 june  2018 Source:   motortrend.com

Tesla recalls 123,000 Model S cars over faulty steering bolt

  Tesla recalls 123,000 Model S cars over faulty steering bolt No accidents and injuries have been reported in connection with the component, Tesla says.Tesla said there were no accidents or injuries related to the issue and the recall, according to an email sent to customers. The recall is believed to be Tesla's largest ever.

Twitter Inc said Thursday it would cut 9 per cent of its global workforce to keep costs down even as quarterly results beat Wall Street expectations, lifting shares that had fallen in recent weeks after a failed effort to sell the company.

The Wall Street Journal is reporting the automaker is set to reduce its workforce by roughly 10 percent , a decision that could Ford’s share price has suffered during Mr. Fields’s three-year tenure, and the company’s market value has slipped far behind those of Tesla Inc. and General Motors Co.

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Tesla has dropped around 9 percent of its workforce as part of a restructuring plan, CEO Elon Musk revealed on Twitter today. Production of the Model 3 will not be affected by the cuts.

"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 difficult to justify today," Musk said in a company email which he later posted on Twitter. "As part of this effort, and the need to reduce costs and become profitable, we have made the difficult decision to let go of approximately 9% of our colleagues across the company."

Tesla hit hard by new Chinese tariffs

  Tesla hit hard by new Chinese tariffs American-made cars will see import duties double in China.Previously, US-built vehicles brought into China were hit with a 25 percent import duty, but under the new regulations an additional 25 percent would be piled on. With a 50 percent tariff in place, the price tag for American-made vehicles would likely be pushed out of reach for a large part of the Chinese car-buying public.

The company says the pay cuts are temporary. AMD has been struggling for quite a while now, recently selling off nearly 20 percent of the company to the Persian Gulf’s Abu Dhabi, and seemingly in a never ending game of catch-up with rival Intel.

Musk published an internal email on Twitter revealing that the automaker is cutting around nine percent of jobs across the company. Difficult, but necessary Tesla reorg underway. My email to the company has already leaked to media.

The email says almost all of the workers cut were salaried. No production associates were included, which means we won't see disruptions to operations surrounding the Model 3. The automaker is working to boost production of the entry-level sedan after missing targets for the first quarter of the year. By the end of the second quarter, Tesla hopes to be making 5,000 copies a week.

Tesla has never turned an annual profit since it was first established almost 15 years ago. Musk acknowledges this fact in an email, adding, "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 eventually demonstrate that we can be sustainably profitable. That is a valid and fair criticism of Tesla's history to date."

Report: Tesla Model Y to Enter Production in November 2019

  Report: Tesla Model Y to Enter Production in November 2019 Tesla sets yet another ambitious goalTesla won't be able to capitalize on the popular compact crossover segment until November 2019. That's when the automaker intends to start production on the Model Y, according to a new report.

Despite another quarter of slowing revenue growth, investors were cautiously optimistic on Twitter Inc. after it announced it would slash nine percent of its workforce .

Tesla has laid off about nine percent of its employees, Electrek first reported. This is part of the reorganization Musk talked about in May on the company’s quarterly earnings call. The layoffs reportedly started on Monday and will be made official at some point today.

Tesla had 37,543 employees in its ranks by the end of last year, more than 12 times its workforce five years earlier, as the Los Angeles Times points out. Tesla also lost nearly $2 billion last year.

Amid the news, Tesla's stock fell today. Although it had increased 6.9 percent earlier in the day, shares were up just 2.6 percent after the announcement.

Source: Tesla, Los Angeles Times, CNBC

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Tesla Might Need $10 Billion To Fund All Of Its New Projects: Analyst .
Tesla has a new crossover, a semi, and a Roadster in the pipeline, but CEO Elon Musk is adamant the automaker doesn’t need to raise new capital to fund those projects. An analyst from Goldman Sachs disagrees, and suggested Tesla needs a big round number to make it happen: $10 billion.All The Questions Tesla Has To Answer NowThe Goldman analyst, David Tamberrino, said in a research note released Thursday that Tesla may need that kind of loot to fund its operations, the new products, and a move into China, reports Bloomberg.

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