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NAS:TSLA, Jan 18, 12:32 UTC

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Read the email Elon Musk sent to Tesla employees explaining the need for job cuts

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This morning, the following email was sent to all Tesla employees:. As we all experienced first-hand, last year was the most challenging in Tesla's history. However, thanks to your efforts, 2018 was also the most successful year in Tesla's history: we delivered almost as many cars as we did in all of 2017 in the last quarter alone and nearly as many cars last year as we did in all the prior years of Tesla's existence combined! Looking ahead at our mission of accelerating the advent of sustainable transport and energy, which is important for all life on Earth, we face an extremely difficult challenge: making our cars, batteries and solar products cost-competitive with fossil fuels. While we have made great progress, our products are still too expensive for most people. This quarter, as with Q3, shipment of higher priced Model 3 variants (this time to Europe and Asia) will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit. However, starting around May, we will need to deliver at least the mid-range Model 3 variant in all markets, as we need to reach more customers who can afford our vehicles. The need for a lower priced variants of Model 3 becomes even greater on July 1, when the US tax credit again drops in half, making our car $1,875 more expensive, and again at the end of the year when it goes away entirely. Sorry for all these numbers, but I want to make sure that you know all the facts and figures and understand that the road ahead is very difficult.

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Tesla warns on Q4 profit, cutting jobs to pull down Model 3 price

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Electric-car maker Tesla Inc. will cut “approximately” 7% of its full-time workforce and warned that Q4 profit won’t meet the performance of Q3, CEO Elon Musk said in an update Friday.

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[$$] Tesla to Slash More Jobs in Effort to Reduce Model 3 Price

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“Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months,” Mr. Musk told employees in a memo reviewed by The Wall Street Journal. Higher volume and design improvements are crucial for Tesla to be able to sell the standard interior Model 3 at $35,000 and still be a viable company, he said. The Silicon Valley auto maker turned a surprise profit in the third quarter and Mr. Musk had said he expected to do so again in the fourth quarter.

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Tesla to cut jobs by around 7%, says CEO Elon Musk

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Electric-car maker Tesla Inc. will cut "approximately" 7% of its full-time workforce, said Chief Executive Officer Elon Musk in an update on the company's blog Friday that was emailed to all employees. Musk spoke of a "difficult" road ahead and said the company was targeting a small profit for the upcoming quarter. He said Tesla faces a tough challenge of "making our cars, batteries and solar products cost-competitive with fossil fuels," and that the company's products are "still too expensive for most people." He said the 4% profit the company made in the third quarter was due to sales of higher-priced Model 3 variants in North America.

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Tesla to Cut 7% of Jobs to Lower Model 3 Costs, Shares Tumble

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Tesla to Cut 7% of Jobs to Lower Model 3 Costs, Shares Tumble. (Bloomberg) -- Tesla Inc. will cut its full-time employee headcount by 7 percent, after getting through what Chief Executive Officer Elon Musk called the electric carmaker’s “most challenging” year in its history. The California-based company managed to eke out a profit in the fourth quarter, Musk said in a blog post on Friday, but it was lower than the what the company achieved in the third quarter. The car’s base price is at $35,000 but initial deliveries have cost $44,000 or more.Moving from last year’s “production hell” for the Model 3, Tesla got into even choppier waters with Musk’s failed attempt to take the company private.

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Tesla plans 7 pct staff cut, says road ahead very difficult

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Tesla plans 7 pct staff cut, says road ahead very difficult. Associated PressJanuary 18, 2019, 10:34 AM GMT. Electric car and solar panel maker Tesla says it plans to cut its staff by about 7 percent. In an email to employees released early Friday it said the "road ahead is very difficult." Tesla's shares tumbled earlier this month after it cut vehicle prices by $2,000 and announced fourth-quarter sales figures that fell short of Wall Street estimates.

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Tesla to cut workforce by 7 percent, sees smaller fourth-quarter profit

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Tesla to cut workforce by 7 percent, sees smaller fourth-quarter profit. (Reuters) - Tesla Inc said it would cut thousands of jobs to rein in costs as it ramps up production of its crucial Model 3 sedan, and the electric car maker expects fourth-quarter profit to be lower than the previous quarter, sending its shares down 7 percent. The company has long struggled with cash burn and Chief Executive Officer Elon Musk has been under intense pressure to stabilize production of the Model 3, seen critical for easing a cash crunch and achieving long-term profitability. "This quarter, as with Q3, shipment of higher priced Model 3 variants (this time to Europe and Asia) will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit," Musk said.

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Tesla Falls Premarket as Elon Musk Cuts Workforce by 7%

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Tesla Falls Premarket as Elon Musk Cuts Workforce by 7%. Investing.com - Tesla (NASDAQ:TSLA) shares slumped in premarket trading Friday, after the electric car maker said it's cutting its full-time workforce by 7% to lower operating costs. It will also retain "only the most critical temps and contractors", according to a memo to employees from CEO Elon Musk that was posted on the company's web site. The cuts are an effort by Tesla to cut the price and increase sales of its Model 3 sedan, the company's first mass-market product, CEO Elon Musk told employees.

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Tesla to recall 14,000 Model S cars in China over faulty Takata airbags – TechCrunch

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China’s top market regulator said on Friday that Tesla will recall a total of 14,123 imported Model S vehicles in the country over potentially deadly airbags. The recall is part of an industry-wide crackdown on Takata-made front passenger airbags, which involves roughly 37 million vehicles including more mainstream brands such as Toyota and Ford, as noted by the United States Department of Transportation. The China recall involves Model S cars manufactured between February 2014 to December 2016, shows a notice posted on the website of China’s State Administration for Market Regulation. The setback comes as Tesla is making a big push into the world’s largest auto market and tapping on Beijing’s effort to phase out fossil-fuel cars for China.

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Elon Musk kills the Tesla referral program, suggests it hurt margins

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Tesla Inc. Chief Executive Elon Musk announced on Twitter late Wednesday the end of the Silicon Valley auto maker's referral program, which involved awards such as a $1,000 credit, Tesla merchandise and products, and months worth of free Tesla's "supercharging" over several iterations. In response to questions tweeted at him, Musk said there were no plans to create another referral program, and suggested it was hurting margins. The program added "too much cost to the cars, especially Model 3," Musk said. Shares of Tesla rose 0.8% on Thursday and are up 0.4% in the last 12 months, versus losses of 6.5% for the S&P 500 index in the same period.

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