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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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[–] Milk_Sheikh@lemm.ee 4 points 7 months ago

HFT algorithmic robo-traders still gonna scalp daily delta, often in an incestuous and self-reinforcing cycle based on financial headlines

I’ve been bearish on Tesla for years, but it’s getting increasingly obvious with growing EV competition that their market cap is/was absurd hype that defies fundamentals or even possible value if Tesla was a monopoly