LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Tesla to cut workforce by 7% while it ramps up Model 3 sedan production

"Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months," Chief Executive Officer Elon Musk said in an email to employees that was published on the company`s blog.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Tesla to cut workforce by 7% while it ramps up Model 3 sedan production
Musk said the company is on target to report a GAAP profit in its fourth quarter, but less than the previous three-month period. Image source: Reuters
Written By: Reuters
Updated: Fri, Jan 18, 2019
07:16 pm
Reuters
RELATED NEWS
Tesla strengthens India team ahead of rolling out electric cars Tesla strengthens India team ahead of rolling out electric cars
Tesla drives on Autopilot through a regulatory grey zone Tesla drives on Autopilot through a regulatory grey zone
Elon Musk reclaims position as world's richest man Elon Musk reclaims position as world's richest man
This is the success formula of Tesla and SpaceX CEO Elon Musk This is the success formula of Tesla and SpaceX CEO Elon Musk

Tesla Inc said on Friday it was cutting several thousands of jobs, as the electric car maker looks to trim costs and be consistently profitable while it ramps up the production of its crucial Model 3 sedan.
Tesla shares fell 4.1 percent to $333 in premarket trading. 

"Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months," Chief Executive Officer Elon Musk said in an email to employees that was published on the company`s blog. "There isn`t any other way," he said.

The company said it would reduce full-time employee headcount by about 7 percent and retain only the most critical temps and contractors.

Earlier this month, Tesla cut US prices for all its vehicles to offset lower green tax credits, and fell short on quarterly deliveries of its mass-market Model 3 sedan.

Musk said the company is on target to report a GAAP profit in its fourth quarter, but less than the previous three-month period.

"This quarter, as with Q3, shipment of higher priced Model 3 variants (this time to Europe and Asia) will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit," Musk said.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
TeslaElon MuskModel 3 sedan
RELATED NEWS
Tesla strengthens India team ahead of rolling out electric cars Tesla strengthens India team ahead of rolling out electric cars
Tesla drives on Autopilot through a regulatory grey zone Tesla drives on Autopilot through a regulatory grey zone
Elon Musk reclaims position as world's richest man Elon Musk reclaims position as world's richest man
This is the success formula of Tesla and SpaceX CEO Elon Musk This is the success formula of Tesla and SpaceX CEO Elon Musk
A Tesla for a bitcoin: Elon Musk drives up cryptocurrency price with $1.5 billion purchase A Tesla for a bitcoin: Elon Musk drives up cryptocurrency price with $1.5 billion purchase

LATEST NEWS

SBI Share price: Fundamental and Technical details highlighted

Realme 8 5G India launch today: Check expected price, Live Streaming details, Specifications and more

JPMorgan on Aurobindo Pharma stock re-rating trigger and target price

In a chat with Anil Singhvi, EaseMyTrip's Prashant Pitti explains about new pact with Just Dial

THIS foldable smartphone from Xiaomi to arrive in India soon - Check all details here

KVS Class 1 Admission List 2021-22 Postponed: First selection and waiting list was to be released tomorrow, revised dates to be notified soon - check all details here

Amarnath Yatra registration suspended; window to register for 56 day-yatra to reopen after assessing Covid-19 situation on later date

Rajasthan School News Today: After West Bengal and Haryana, Rajasthan announces advance summer vacations for the schools from TODAY - check all details here

LIC policy holders' alert: Check policy, premium status online through these steps; Send SMS on THIS number to check other details

Stocks to Watch With Anil Singhvi: Why Rallis India could help you mint money | EXPLAINED

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved