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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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[–] billiam0202@lemmy.world 21 points 7 months ago* (last edited 7 months ago) (1 children)

God fucking damnit, I hate Wall Street.

We sold fewer cars than expected, lost money, revealed that even though we're making 1000 Cybertrucks a week we've only sold 4000 of them and had to recall every single one because we fucking glued the foot pad onto the accelerator pedal, and had our lying sack of shit CEO's compensation nerfed by a judge so in response we're gonna fire 6000 people.

Line go up.

[–] GreatAlbatross@feddit.uk 6 points 7 months ago* (last edited 7 months ago) (1 children)

Stock splits

"Holy shit guys, it's cheap now, buy, buy, buy!"

[–] wewbull@feddit.uk 4 points 7 months ago

Best example of how Monkey-brain driven the markets are.