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Tesla to cut staff by 9 percent in drive for profitability
12 June 2018, 10:54 | Joann Bryant
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While that email was sent only to employees, Musk then tweeted the full text immediately afterwards and it is clear that the missive was created to be read by external critics and anxious investors.
As part of this effort, and the need to reduce costs and become profitable, we have made the hard decision to let go of approximately 9% of our colleagues across the company. Of late, it has faced questions about its ability to ramp up production, especially of its Model 3, the lower-priced sedan the company is counting on to drive sales.
At the company's annual shareholder meeting earlier this month, Musk said he expected the Palo Alto, California, company to post a quarterly profit during the July-September period.
A sign is seen outside Tesla Motors' new showroom in Manhattan's Meatpacking District in New York City, U.S., December 14, 2017. 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.
"Given that Tesla has never made an annual profit in the nearly 15 year since we have existed, profit is obviously not what motivates us".
Home Depot's relationship with Tesla will continue through the end of the year, and the company "plans to continue offering solar options to our customers", according to an emailed statement from Steve Holmes, a spokesman for the retailer.
Tesla in May announced a pending restructuring. For almost all of its history, Tesla has put up losses while investing heavily in technology, manufacturing plants and an extensive car-charging network. He said Tesla's rapid growth in recent years contributed to the duplication of roles and creation of jobs that the company could no longer justify.
The company is making the move now so it never has to do it again, he wrote.
Electrek on Tuesday also reported the company's layoffs and said the cuts began on Monday. The company would seek to reemploy Tesla employees at Home Depot stores at its own locations.
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