Tesla May Layoff 20% Of Their Employees
Previously, there were reports that Elon Musk was laying off 10% of their workforce, or approximately 14,000 employees from Tesla.
However, Elon Musk could soon lay off one-fifth of his workforce (28,000 employees).
Musk’s most decisive action came Monday when he announced the layoffs of more than 10% of the company’s staff, which totaled over 140,000 employees at the end of 2023. There are signs the cuts could eventually go much deeper: Last week, Tesla managers were asked to provide the company with a list of 20% of their employees to consider for layoffs, said a former employee involved in those discussions.
Several other Tesla executives also announced their departures from the company on Monday, including one of Tesla’s most senior executives, Drew Baglino, senior vice president of powertrain and energy engineering, and Rohan Patel, vice president of public policy and business development. (The Information)
Although this layoff ratio is not as bad as X (where 80% of the employees were laid off), reducing a fifth of your workforce is significant, as well as a corporate morale killer.
I do not think Tesla is in danger of going bankrupt. However, Tesla will need to figure out alternate avenues for revenue as consumer demand for electric vehicles is dropping.
Unlike many rivals, Tesla’s options are not limited to automobiles, as the company also sells batteries & solar panels to clients as well.
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