Tesla CEO Elon Musk said they hope to post a „tiny profit“ in the current quarter but a 30% expansion in its workforce last year was more than it can support.
Saying the road ahead was „very difficult,“ Tesla’s CEO Elon Musk said on Friday that the company would be cutting its workforce by about 7%.
The electric car and solar panel maker notified its employees about the staff cuts and other plans in an email posted on Tesla’s website.
Musk said Tesla hopes to post a „tiny profit“ in the current quarter but a 30% expansion in its workforce last year was more than it can support.
Tesla’s shares tumbled earlier this month after it cut vehicle prices by $2,000 and announced fourth-quarter sales figures that fell short of Wall Street estimates.
„Our products are too expensive for most people,“ Musk said in the memo to Tesla staff.
