Tesla CEO Elon Musk said Friday that the electric-car maker is cutting its full-time staff by 7 percent as it struggles to cut prices and ramp up production of its Model 3 sedan, the company's first mass-market vehicle, CNN reports.
The job reductions follow other cost-cutting measures as Tesla struggles to expand profitability. Musk wrote in an email to Tesla employees that the company is "up against massive, entrenched competitors" and has to work "much harder than other manufacturers to survive while building affordable, sustainable products," reports CNBC. He added that building "affordable clean energy products at scale necessarily requires extreme effort and relentless creativity."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
6 charming homes for the whimsicalFeature Featuring a 1924 factory-turned-loft in San Francisco and a home with custom murals in Yucca Valley
-
Big tech's big pivotOpinion How Silicon Valley's corporate titans learned to love Trump
-
Stacy Horn's 6 favorite works that explore the spectrum of evilFeature The author recommends works by Kazuo Ishiguro, Anthony Doerr, and more
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
-
Enron mystery: 'sick joke' or serious revival?Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
