Elon Musk’s Tesla last week reported a 55% drop in quarterly earnings to $1.1 billion.
New York:
Tesla plans hundreds of additional job cuts beyond a recent company-wide layoff as it cracks down on costs in a tough electric vehicle market, according to a US media report.
Elon Musk’s EV company, which moved earlier this month to cut more than 10 percent of its 140,000 employes, will disband two departments and lay off most of the employees from the groups, reported the Information late Monday.
The online technology publication quoted from a Musk email in which he vowed to be “absolutely hard core about headcount and cost reduction.”
Musk will seek to oust any executive “who retains more than three people who don’t obviously pass the excellent, necessary and trustworthy test … I have been super clear about this,” said Musk’s email, according to the Information.
The latest cuts mean Rebecca Tinucci, a senior director in EV charging, and Daniel Ho, head of new products, will leave the company.
Also departing will be most of the 500 workers in Tinucci’s Supercharger group, plus other staff reporting to Ho. Musk is also dissolving a public policy team, the report said.
Tesla last week reported a 55 percent drop in quarterly earnings to $1.1 billion, reflecting a decline in EV sales in a market with intensifying competition.
Despite the downcast results, Tesla shares were buoyed last week by Musk’s pledge to accelerate production of new, more affordable EVs and by Musk’s visit to China on Monday that resulted in a key security clearance from the Chinese government for Tesla technology.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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