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Tesla profits nosedive as more job cuts announced (www.bbc.com)

submitted 7 months ago by AmbiguousProps@lemmy.today to c/technology@lemmy.world

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Tesla has seen its profits more than halve this year, and says it will bring forward the launch of new models after announcing thousands of job cuts to try to reverse its fortunes.

Despite plans to bring forward new models originally planned for next year the firm is cutting its workforce.

Tesla said it would lose 3,332 jobs in California and 2,688 positions in Texas, starting mid-June.

The cuts in Texas represent 12% of Tesla's total workforce of almost 23,000 in the area where its gigafactory and headquarters are located.

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[–] originalucifer@moist.catsweat.com 33 points 7 months ago (2 children)

tesla was always a pump and dump. build it up quick, use it as financial vehicle, GTFO before it falls over.

they have never had an exit strategy or long-term plans for their products.

[–] NutWrench@lemmy.world 2 points 7 months ago

Elon doesn't care about making the companies he owns work. He's just looking for that next bong hit of attention he gets from keeping his name in the news.

He burned through tens of billions to buy Twitter, turned it to crap (well . . . crappier than it was) and he doesn't care. He gets bored with his toys quickly if they don't get him the attention he craves.