Similar Stories to Elon Musk Announces Tesla Layoffs, Warns About Weak Q4 Profits on Bing News

Timothy B. Lee, Ars Technica
Fri, 01/18/2019 - 9:18am

Enlarge / Tesla CEO Elon Musk visiting China in January 2019. (credit: Qilai Shen/Bloomberg via Getty Images) Tesla is cutting its workforce by about 7 percent, CEO Elon Musk announced in a Friday morning email to employees. Musk said that the cuts are necessary to help Tesla cope with what Musk described as an "extremely difficult challenge: making our cars, batteries and solar products cost-competitive with fossil fuels." Tesla's stock price fell more than 9 percent on the news. Tesla grew its workforce by 30 percent in 2018, according to Musk, but that growth turned out to be unsustainable.

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