Tesla to cut more than 10% of its global staff
CNN
Tesla is reportedly cutting more than 10% of its global staff of 140,000.
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 about the slowdown in demand for electric vehicles or about Tesla sales. “We have done a throrough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally,” he wrote in the email to Tesla employees. The email, first reported by Electrek, an EV news site, was also reported by Reuters. But Tesla just reported a year-over-year decline in sales in the first three months of this year, its first such drop since the height of the pandemic four years ago. In the fourth quarter Tesla briefly lost its title for the leader in global EV sales to Chinese automaker BYD. It recaptured the EV sales title from BYD in the first quarter, despite the drop in sales. Other automakers, including General Motors and Ford, have also pulled back on their EV production in the face of softer-than-expected demand for those products. Generally EV sales continue to grow on an industrywide basis but not as fast as anticipated. US EV sales were up 40% last year, topping the 1 million mark for the first time.
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