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Tesla plans to fire around 14,000 employees
Although the exact figure has not been announced, Tesla had around 140,000 employees at the end of the year, which would mean that over 14,000 people will now have to leave their jobs. Musk mentions in his announcement that 10% of the global workforce will be affected by the cuts.
Musk emphasizes the need for agility, innovation and hunger to meet the next growth cycle of the company. He emphasizes that the rapid growth in recent years has led to the duplication of work roles and that the company must now become more efficient to prepare for the future.
This announcement comes at a time of challenges for Tesla, which recently reported that it did not meet the market's sales forecast. The Chinese market is considered particularly challenging with competition from domestic electric car manufacturers.
Tesla will release its next quarterly report on April 23. Analysts expect a profit of 50 cents per share, down from 85 cents in the same period last year.