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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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[–] avidamoeba@lemmy.ca 10 points 7 months ago (1 children)

A 6 month chart is supposed to correlate with the effect of today's layoffs announcement?

[–] dragontamer@lemmy.world 4 points 7 months ago* (last edited 7 months ago)

The layoffs were known last week though.

Sure, the news is finally talking about the layoffs, but people were locked out of their badges and complaining last week about this. So now its official today, but it was public knowledge last week when that price declined dramatically.

So the employees were nominally on the books until today. Big woop. They stopped working a week ago and complained about it online. You can't hide a mass of 10,000+ sad and angry employees talking shit about Tesla. The stock moved on that before the official layoff announcement today.