From Nasdaq: 2024-04-18 10:21:01

Tesla Inc. is laying off 285 workers in Buffalo, NY, representing 14% of the regional workforce. CEO Elon Musk apologized for low severance packages. Shares on Nasdaq fell by 3% to $150.87. The company is cutting over 10% of its global staff, impacting around 14,000 employees worldwide by 2024.

The job cuts aim to address role duplication and reduce costs. Musk emphasizes the importance of innovation and growth for the company. Tesla faces challenges in the U.S., Europe, and China. Weak production and delivery numbers were reported for Q1, linked to various operational issues and competition.

Tesla reduced electric vehicle production at its Giga Shanghai factory due to slow sales and competition. Shareholders are asked to approve a CEO pay package equivalent to a previous plan. A court voided Musk’s $56 billion compensation package, limiting it to $55 billion. Challenges and competition continue to affect Tesla’s operations.



Read more at Nasdaq: Tesla To Cut 285 Jobs At Buffalo Plants; Musk Apologizes For ‘incorrectly Low’ Severance Packages