associate sponsors

Havells
HDFC

Musk says Tesla cutting 9 percent of jobs

Musk says Tesla cutting 9 percent of jobs

(Reuters) - Tesla Inc is cutting about 9 percent of jobs across the company, billionaire Chief Executive Elon Musk said on Tuesday, as it seeks to reduce costs without endangering the critical ramp up of production of its Model 3 sedan.

Tweeting pictures of an email he said had been leaked to media, Musk said that the cuts were part of a simplification of Tesla's management structure promised last month.

"As part of this effort, and the need to reduce costs and become profitable, we have made the difficult decision to let go of approximately 9 percent of our colleagues across the company," the email read.

"These cuts were entirely from our salaried population and no production associates were included, so this will not affect our ability to reach Model 3 production targets in the coming months."

Tesla's latest annual filing last December showed it had 37,543 full-time employees.

Up nearly 7 percent earlier on Tuesday, shares of the company trimmed gains to stand 3.5 percent higher at $344 by early afternoon.

(Reporting by Laharee Chatterjee and Vibhuti Sharma in Bengaluru; Editing by Saumyadeb Chakrabarty and Patrick Graham)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: Jun 13, 2018 00:05 AM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See