Tesla to cut staff by 9 percent in drive for profitability

Tesla to cut staff by 9 percent in drive for profitability

Tesla to cut staff by 9 percent in drive for profitability

The email then shifts in tone and notes that the cuts will not impact the company's delayed production schedule for its latest auto model: "These cuts were nearly entirely made form our salaried population and no production associates were included, so this will not affect our ability to reach Model 3 production targets in the coming months".

In May, Musk announced a "thorough reorganization" in a memo to employees.

Mr Musk said the job cuts were a "difficult decision".

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.

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Last month Mr Musk said the company was planning a wide-ranging reorganisation that would flatten its management structure.

He thanked departing employees for their hard work and said Tesla is providing "significant salary and stock vesting" to those being let go, based on their length of service.

Tesla's latest annual filing last December showed it had 37,543 full-time employees.

"These cuts were entirely from our salaried population and no production associates were included, so this will not affect our ability to reach Model 3 production targets in the coming months". That is a valid and fair criticism of Tesla's history to date.

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"What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we will never achieve that mission unless we can eventually demonstrate that we can be sustainably profitable".

Musk also announced that the company's solar panel unit has chose to end its agreement to sell via Home Depot stores so it can focus on sales in Tesla's company stores and online.

The company is making the move now so it never has to do it again, he wrote. Each time, after a few quarters of small profits, Tesla would ramp up production of another vehicle model-first the Model X, then the Model 3-and rack up more big losses, as this chart from Bloomberg shows.

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