Tesla cuts 9 percent of workforce in search for profit

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Tesla said after the cuts it would still have more employees than it had at the beginning of 2018.

Tesla announced Tuesday it planned to lay off up to nine percent of its workforce, a move that could eliminate thousands of its roughly 40,000 employees.

Tesla Inc is cutting about 9 percent of jobs across the company, billionaire Chief Executive Elon Musk said on Tuesday, as it seeks to reduce costs without endangering the critical ramp up of production of its Model 3 sedan.

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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. A majority of Tesla employees working at Home Depot will get offers to work in Tesla's own stores.

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".

Tesla will provide "significant" salary and vesting stock to employees being dismissed, Musk said.

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The cuts come as the company aims to shrink costs and become profitable, Musk said.

Tesla in May announced a pending restructuring. That is a valid and fair criticism of Tesla's history to date. His company began to roll out Tesla-branded selling spaces at 800 Home Depot locations earlier this year, building on a previous relationship the retailer had with SolarCity Corp., which Tesla acquired in 2016.

"Our checks with sales centers indicate Model 3 deliveries are tracking [about] 50% higher than our prior estimates for the quarter, prompting us to raise our estimates", Erikson said in a note, according to CNBC.

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At the start of April, the company's shares had fallen by around 35 percent from a peak hit last September but signs that it is on course to meet an output target of 5,000 Model 3 cars per week have wiped out nearly all of this year's losses.

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