tl;dr
More job cuts came to Tesla (NASDAQ:TSLA) this weekend as the EV company trimmed the headcount in its software, service, and engineering departments, according to sources cited by Electrek. This is the third round of layoffs in three weeks. Mid-April, Tesla (TSLA) CEO Elon Musk told employees the co...
More job cuts came to Tesla (NASDAQ:TSLA) this weekend as the EV company trimmed the headcount in its software, service, and engineering departments, according to sources cited by Electrek. This is the third round of layoffs in three weeks. Mid-April, Tesla (TSLA) CEO Elon Musk told employees the company would cut its workforce by 10% to eliminate duplication of jobs and prepare the company for its “next phase of growth…to be lean, innovative, and hungry.” Although Musk said the layoffs would impact 10% of the current staff – including executives – the total cuts could amount to as much as 20% of Tesla’s (TSLA) workforce, according to Electrek. Just last week, the entire supercharger team was let go, including senior director of Tesla’s supercharger business, Rebecca Tinucci. “Hopefully these actions are making it clear that we need to be absolutely hard core about headcount and cost reduction. While some on staff are taking this seriously, most are not yet doing so,” Musk said in a veiled reference to Tinucci and director of vehicle programs, Daniel Ho. The job cuts and development delays might have put a dent in the company’s share price mid-April, but the stock is gaining ground and inching closer to $200 despite missed Q1 results. Tesla (TSLA) missed EPS and revenue guidance, but investors applauded the company’s plans to develop a low-cost Model 2, increased spending on AI infrastructure and accelerating the development of autonomous vehicles.
More about Tesla Inc
Tesla Inc Summary:
Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. The company's current product line includes electric cars, battery energy storage from home to grid-scale, solar panels and solar roof tiles, as well as other related products and services.
In 2020, Tesla achieved the highest sales in the plug-in and battery electric passenger car segments, capturing 16% of the plug-in market (including plug-in hybrids) and 23% of the battery-electric (purely electric) market.
Through its subsidiary Tesla Energy, the company develops and is a major installer of solar photovoltaic energy generation systems in the United States. Tesla Energy is also one of the largest global suppliers of battery energy storage systems, with 3 GWh of battery storage supplied in 2020.
Key Financials:
Sector: Manufacturing, Motor Vehicles & Passenger Car Bodies
Market Cap: $577.69 billion
Current Price: $46.33
Dividend Yield: None
Price/Earnings Ratio: 3.91
Return on Equity: 29.8%
Debt/Equity Ratio: 0.144
Revenue: $94.75 billion
Net Income: $179.34 billion
Earnings Per Share: -$0.534
Profit Margin: -0.087
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