Tesla is planning to lay off 10 of its workers after dismal 1Q sales, multiple news outlets report


PTI, Apr 15, 2024, 9:30 PM IST

Representative image of a Tesla Mode Y

Detroit: After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday.

CEO Elon Musk detailed the plans in a memo sent to employees. The layoffs could affect about 14,000 of the 140,473 workers employed by the Austin, Texas, company at the end of last year.

Musk’s memo said that as Tesla prepares for its next phase of growth, “it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” The New York Times and CNBC reported. News of the layoffs was first reported by electric vehicle website Electrek.

Shares of Tesla fell 3 per cent at the opening bell Monday after the news broke. They have lost about one-third of their value so far this year.

Tesla sales fell sharply last quarter as competition increased worldwide, electric vehicle sales growth slowed, and price cuts failed to draw more buyers. The company said it delivered 386,810 vehicles from January through March, nearly 9 per cent below the 423,000 it sold in the same quarter of last year. (AP)

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Gangster Chhota Rajan sentenced to life imprisonment for murder of Mumbai hotelier Jaya Shetty

God and meditation PM’s private affair, why should we interfere; asks D K Shivakumar

Udupi: BJP expels four office bearers for anti-party activities

Illegal money transfer case Minister B Nagendra will be summoned, says Shivakumar

Twenty one killed, 47 injured as bus falls into gorge in Jammu

IndiGo derosters 6 crew members in connection with Delhi-Varanasi flight bomb scare incident

Delhi CM Kejriwal faces health crisis amid ED custody

Related Articles More

RBI sees real GDP growth at 7 pc in FY25

IRDAI directs health insurers to decide on cashless authorisation in 1 hour

Cost of living doesn’t influence salaries; Pune among safest cities for talent: KPMG Survey

Paytm shares jump 5 pc; hit upper circuit limit

Govt puts on hold new wastage norms for gold, silver jewellery exports till July 31

MUST WATCH

Shivamogga

Les Saveurs institute and cafe

Peacock rescued from well

Popular Guruprasad Restaurant

Haralukote Shri Anjaneya Swamy |Udayavani


Latest Additions

Gangster Chhota Rajan sentenced to life imprisonment for murder of Mumbai hotelier Jaya Shetty

Akhilesh Yadav mocks Modi’s meditation trip amid poll campaign

God and meditation PM’s private affair, why should we interfere; asks D K Shivakumar

Vice President Dhankhar visits Neem Karoli Baba Ashram

Udupi: BJP expels four office bearers for anti-party activities

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.