Layoffs at Tesla? What triggered the fear

CNBC-TV18.com Published April 15, 2024 By Priyanka Deshpande

[{"selector":"#anim-b78d8342-6151-4e6f-8514-a4027c2c9460 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(2.915677732555789%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Reports suggest Elon Musk’s Tesla may lay off up to 20% of its employees.

[{"selector":"#anim-9826c53c-c577-4f90-9f74-b473977b943d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.03124977037507%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] As of December 2023, Tesla had an employee base of 140,473. 20% of that would be over 28,000.

[{"selector":"#anim-64910a58-610d-4de7-bcea-0f7764e4bc4b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The shortening of the production shift for the Cybertruck at the Texas gigafactory triggered the speculation.

[{"selector":"#anim-90e502a3-78c4-48ee-9833-32a475fbc448 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(12.514648210040342%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Tesla has already seen layoffs in 2022 and 2023.

[{"selector":"#anim-075c34bd-4cd4-42cb-9a6f-4a514b46778d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(24.89581444098319%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] In February 2024, managers were asked to shortlist jobs that were critical.

[{"selector":"#anim-8000119b-a98b-4586-b585-edc5f00d579f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-6.2670895772430955%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] There’s a slowdown in electric vehicle sales globally and Tesla is not immune to it.

[{"selector":"#anim-f6bfbde3-b0ea-48cd-841c-b940a73120a5 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(13.978150946182998%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Tesla witnessed a year-on-year decline in quarterly sales in March 2024 for the first time since June 2020.

[{"selector":"#anim-4fdb5350-8147-4212-91f8-1f45cdef1eff [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.516601303802559%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Tesla has been trying to revive sales through aggressive price cuts.

[{"selector":"#anim-38566721-525d-4b58-b75b-9840c129f205 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-4.006238464445293%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] More details may emerge as Elon Musk releases the company’s latest earnings on April 23.

Elon Musk confirms meet with PM Modi during India visit in April

[{"selector":"#anim-c0aa7a86-2219-42ec-ac1b-4111f0945126","keyframes":{"transform":["scale(1)","scale(1.5)","scale(0.95)","scale(1)"],"offset":[0,0.33,0.66,1]},"delay":0,"duration":1450,"easing":"ease-in-out","fill":"both","iterations":1}] Thanks For Reading! Read More