Musk said Tesla hopes to post a « tiny profit » in the current quarter but a 30 percent 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 Friday that the company would be cutting its staff by about 7 percent.
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 percent 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 (roughly Rs. 1.4 lakhs) 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.
