Economy

Tesla is laying off about 3,600 workers

Tesla is laying off about 3,600 workers

The company, based in Palo Alto, Calif., said the move was part of its organizational restructuring announced by CEO Elon Musk last month.

Musk's memo, which was sent to all employees, also announced that the company was cutting 9% of its total workforce as part of a reorganization created to reduce costs and help the electric automaker become profitable.

Musk in the email thanked the employees leaving the company and said the individuals will receive compensation.

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The move - the biggest widespread layoff in Tesla's 15-year history - will nearly entirely involve salaried employees and comes as the carmaker races to hit production targets for its critical Model 3 sedan. The rep also tells The Drive that the company is still hiring rapidly and that after this round of job cuts, Tesla will still boast more employees than it had at the beginning of 2018.

Tesla shares rose 2.5 percent to $340.34 in afternoon trading, after reaching as high as $354.97 around noon.

It means that Tesla could let go over 3,000 employees in this round of layoffs.

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Last week, Musk overcame an attempt to strip him of his role as chairman of Tesla's board, a plan introduced by a company shareholder who raised doubts about Musk's ability to manage multiple companies simultaneously. The firm has a sector weight rating and a $300 "fair value" price target on Tesla shares, which were up about 4% in pre-market trade Tuesday.

"I don't think if Tesla becomes profitable in Q3 and Q4, that will be sustainable because of ramping up of the production".

The Tesla-branded kiosks were created to educate consumers and ultimately generate sales of its residential rooftop solar panels and Powerwall, a battery it designed for homes that store the energy generated by solar panels.

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While saying that Tesla is more focused on producing environmentally friendly cars than making money, Musk ask added that "we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable". Most employees assigned to Home Depot positions will have the option to move to Tesla's retail stores, says Musk. "It is very hard to say goodbye", the CEO wrote. In order to minimize the impact, Tesla is providing significant salary and stock vesting (proportionate to length of service) to those we are letting go.