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.
