Elon Musk says he’s firing more than 3,000 Tesla staff because of pressure on profits and Model 3 production challenges

caption Tesla CEO Elon Musk. source Lucy Nicholson / Reuters Tesla is laying off 7% of its employees, according to an email Elon Musk sent to workers. Musk said the job cuts were due to pressure on profits and difficulties producing the Model 3. Musk did not specify which staff members were most at risk of being fired, suggesting the layoffs could be spread throughout the company. The move comes as Tesla seeks to prove it can become consistently profitable. Tesla is laying off 7% of its employees, according to an email CEO Elon Musk sent to workers on Friday that was later published on the company’s website. The job cuts will affect more than 3,000 staff members, based a figure Musk cited last year saying the company had a workforce of 45,000. It follows a similar round of layoffs in June. Tesla shares were down about 8% in premarket trading. Musk said pressure on profits and the ambition to deliver lower-cost Model 3 vehicles “in all markets” later this year meant the “road ahead is very difficult.” Tesla surprised Wall Street with a $312 million profit in the third quarter of 2018, but Musk said this would shrink in… Read full this story

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