Tesla to cut 9pc of jobs as it seeks profitability

GettyImages-85622610

Seeing Tesla Improving Production Rate: Keybank

The cuts come as the company aims to shrink costs and become profitable, Musk said.

He argued that cost cutting was necessary to turn Tesla into a sustainably profitable company.

The move - the biggest widespread layoff in Tesla's 15-year history - will nearly entirely involve salaried employees and comes as the carmaker races to hit production targets for its critical Model 3 sedan. Well, Tesla supposedly had around 37,500 employees at the end of last year, with CNBC saying it has since added 8,000 more since the beginning of this year.

Musk pledged to hit the 5,000-a-week goal as well as the profitability target during Tesla's annual shareholder meeting last week.

Pilot rescued after Kadena-based F-15C crashes into waters off Okinawa
Air Force is also considering replacing the F-15s, worth around $36 million each, with F-16 fighting falcons by 2020. The F-15C, assigned to the 44th Fighter Squadron of the 18th Wing, crashed at approximately 6:26 a.m.

Electrek on Tuesday also reported the company's layoffs and said the cuts began on Monday.

The company's first two major vehicles sell for around £56,000, but the new model will be much cheaper, with prices starting from around £26,000. A spokesman said it would reduce overall employment back to around 37,000 - roughly in line with numbers at the end of past year. Most employees assigned to Home Depot positions will have the option to move to Tesla's retail stores, says Musk. The CEO wrote that those Tesla employees working in Home Depot locations would be offered the chance to work at its own stores.

Musk essentially threatened to lock out any contractors that did not have a Tesla employee to vouch for their necessity.

The electric vehicle manufacturer is struggling to cut costs and preserve capital to complete the orders of its mass-market Model 3 auto.

Toyota to invest US$1b in Grab's latest funding round
That round quietly closed at the start of 2018, Grab has confirmed but so far it hasn't said who put up the additional money. Grab said it logs six million rides a day via apps downloaded onto over 100 million mobile devices.

The number of Tesla employees has grown 15% in the past six months, according to insiders. Analysts had expected a loss of $3.58 (£2.63) per share. Since it started trading in 2010, the stock has risen at a blistering pace driven by optimism that Tesla would lead a new era of transportation innovation. The stock is up about 10 per cent this year.

Tesla short interest stands at $12.6 billion, with 37.9 million or almost 30 percent of the share float, sold short, according to S3 data.

"Tesla has signaled organizational changes in recent weeks and here it is".

Uber driver kicked out same-sex couple for kissing, women say
Iovine and Emma Pichl were taking the Uber from Pig Beach Gowanus to the East Village on Saturday when Iovine gave Pichl a kiss. TLC spokesman Allan Fromberg says "we reached out to them (the women) immediately and commenced an investigation".

Latest News