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Is the global EV bubble bursting? As global demand starts to slow, share prices tank and Tesla cuts 10% of the workforce.are car giants ready to slam the brakes on electric revolution?
In the first quarter of 2024, the two biggest manufacturers of electronic vehicles, Tesla and its Chinese rival BYD reports dramatic sales drops compared against the same time last year.
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Tesla to slash more than 10% of its global workforce
Tesla Inc. is laying off more than 10% of its workforce, Chief Executive Elon Musk wrote in an email to staff. Musk cited job overlap and the need to reduce costs, estimating that the layoffs would affect 14,000 employees, according to the email. “As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” Musk wrote in the email viewed by Bloomberg News. “As part of this effort, we...
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Tesla to cut more than 10% of its global staff
Tesla is reportedly cutting more than 10% of its global staff of 140,000. The cuts for the company, which had nearly doubled its overall headcount since the end of 2020, is just the latest example of the effects of more competition and softer demand in the electric car sector. An email that CEO Elon Musk sent to staff over the weekend attributed the planned job cuts to the need for “cost reductions and increasing productivity,” according to a report from Reuters. It did not mention anything...