Elon Musk's Tesla stokes layoff fears: report

SCIENCE & TECH: Elon Musk’s Tesla stokes layoff fears: report


Tesla managers have been asked whether each of their employees’ positions were critical, stoking layoff fears in the company, Bloomberg News reported Wednesday.

Tesla sent out a single-line query for each job after canceling some employees’ biannual performance reviews, some of the people familiar with the matter told Bloomberg.

The electric automaker did not immediately respond to a Reuters request for comment.


Tesla sent out a single-line query for each job after canceling some employees’ biannual performance reviews, Bloomberg reported. REUTERS

It had 140,473 employees globally as of Dec. 31 last year.

Tesla shares rose 1% on Wednesday.

They have slumped more than 25% so far this year.


Elon Musk
CEO Elon Musk warned sales growth would slow this year despite price cuts. REUTERS

The report comes after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins at the world’s most valuable automaker and fueled investor concerns about soft demand and Chinese competition.

Despite a renewed discounting push led by Tesla, new energy vehicle sales in top auto market China recorded its first month-on-month drop in January on slowing demand.

The US automaker also lost its spot as the top EV maker by sales to China’s BYD in the fourth quarter.



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