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Elon Musk Sacking Senior Tesla Staff To Further Reduce Costs: Report

Elon Musk will lay off more people at his electric car company Tesla, The Information reported.

New Delhi:

Elon Musk will lay off more people at his electric car company Tesla, after implementing layoffs that affected 10% of the global workforce this month, media reported today.

Elon Musk said last week that it was time to “restructure” Tesla after the company’s net profit for the first three months of this year was $1.13 billion, down 55% from $2.51 billion a year earlier. He said he had come.

The Information reports that Elon Musk is “reducing his senior management team and laying off hundreds of additional employees.”

Rebecca Tinucci, senior director of Tesla’s Supercharger group, and Daniel Ho, head of new products, are leaving the company, according to an email sent by Elon Musk to senior executives.

“We need to get serious about headcount and cost reduction,” Elon Musk wrote.

Elon Musk, who recently visited China, and Tesla Inc. have not yet officially commented on the report.

Tesla laid off more than 10% of its workforce this month as necessary for its “next phase of growth.”

Musk told analysts that EV adoption rates are under pressure globally, with many other automakers “retreating to EVs and pursuing plug-in hybrids instead.” .

Elon Musk said: “We don’t think this is the right strategy, and eventually electric cars will dominate the market.”

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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