Tesla CEO Elon Musk says he wants to cut about 10 per cent of jobs at the electric carmaker, according to an email to executives.
Tesla CEO Elon Musk has a “super bad feeling” about the economy and needs to cut about 10 per cent of salaried staff at the electric carmaker, he said in emails seen by Reuters.
“Note, this does not apply to anyone actually building cars, battery packs or installing solar,” Musk wrote in the email seen by Reuters.Almost 100,000 people were employed at Tesla and its subsidiaries at the end of 2021, its annual SEC filing showed. It did not break down numbers of salaried and hourly workers.
Musk’s gloomy outlook echoes recent comments from executives including JPMorgan Chase & Co CEO Jamie Dimon and Goldman Sachs President John Waldron.Inflation in the United States is hovering at 40-year highs and has caused a jump in the cost of living for Americans, while the Federal Reserve faces the difficult task of dampening demand enough to curb inflation while not causing a recession.
China accounted for just over a third of Tesla’s global deliveries in 2021, according to company disclosures and data released on sales there. On Thursday, Daiwa Capital Markets estimated Tesla had about 32,000 orders awaiting delivery in China, compared to 600,000 vehicles for BYD, its larger EV rival in that market.
“You can’t just fire Dutch workers,” said FNV union spokesperson Hans Walthie, adding Tesla would have to negotiate with a labor union on terms for any departures.
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