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Tesla profits nosedive as more job cuts announced (www.bbc.com)

submitted 7 months ago by AmbiguousProps@lemmy.today to c/technology@lemmy.world

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Tesla has seen its profits more than halve this year, and says it will bring forward the launch of new models after announcing thousands of job cuts to try to reverse its fortunes.

Despite plans to bring forward new models originally planned for next year the firm is cutting its workforce.

Tesla said it would lose 3,332 jobs in California and 2,688 positions in Texas, starting mid-June.

The cuts in Texas represent 12% of Tesla's total workforce of almost 23,000 in the area where its gigafactory and headquarters are located.

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[–] danc4498@lemmy.world 1 points 6 months ago (1 children)

Thanks for the details! All I saw anywhere was the bad news, but this does sound like a good reason for optimism if you can trust this company.

[–] NotMyOldRedditName@lemmy.world 1 points 6 months ago (1 children)

if you can trust this company.

That's the key point. After all the other delays, they need to show they can do something on time now to gain some of that back.

[–] danc4498@lemmy.world 1 points 6 months ago (1 children)

It feels like this announcement was 100% to keep the shareholders happy with probably very little planning ahead of time.

[–] NotMyOldRedditName@lemmy.world 1 points 6 months ago* (last edited 6 months ago)

I was thinking it's more like their contingency plan for if unboxed was a catastrophe.

If they can actually pull off the accelerated, shared manufacturing lines plan, it feels like it's too fast to be on a whim with no planning.

I do agree though it's probably to keep shareholders happy as the cheaper EV landscape unfolds and they were falling behind.