tl;dr
Tesla (NASDAQ:TSLA) traded slightly lower on Thursday as developments on the employment front continue to pour in. The electric vehicle maker has reportedly increased the pace of job cuts in China. Sources told Bloomberg that additional layoffs began earlier this week and impact a range of departmen...
Tesla (NASDAQ:TSLA) traded slightly lower on Thursday as developments on the employment front continue to pour in. The electric vehicle maker has reportedly increased the pace of job cuts in China. Sources told Bloomberg that additional layoffs began earlier this week and impact a range of departments at the Shanghai Gigafactory, including customer service staff, engineers, production line workers, and the logistics team. The first round of layoffs mainly impacted sales representatives. Globally, Tesla (TSLA) has removed a high percentage of the open positions that were previously posted to its jobs board, which could be an indication that there is a hiring freeze. One of the recent senior executives to leave Tesla (TSLA) did not go quietly. Rich Otto, who was the company’s head of product launches, questioned the impact of the mass layoffs in a LinkedIn post. "The recent layoffs that are rocking the company and its morale have thrown this harmony out of balance, and it’s hard to see the long game. It was time for a change," he wrote. In separate Tesla (TSLA) news, Elon Musk was busy talking about full self-driving on the X social media platform. For starters, he said the new version of FSD (version 12.4) will probably start rolling out next week. However, Musk noted that FSD for Cybertruck is still a few months away, while the EV giant focuses on the other 99% of the fleet. He also hinted that Tesla (TSLA) may take away the "steering wheel nag" that alerts drivers to apply pressure to the steering wheel. Frequent alerts are used to confirm drivers keep their hands on the wheel by detecting torque being applied. U.S. prosecutors are investigating if the Austin-based company committed wire fraud or securities fraud with its claims about the self-driving capabilities of its vehicles. The investigation is in addition to the probe of accidents involving the use of Autopilot. Shares of Tesla (TSLA) were down 1.16% at 11:08 a.m. on Thursday. The EV stock is down more than 30% on a year-to-date basis.
More about Tesla Inc
Tesla, Inc. is an American electric vehicle and clean energy company based in Palo Alto, California. Its current products encompass electric cars, battery energy storage from home to grid-scale, solar panels, solar roof tiles, and other related products and services. In 2020, Tesla achieved the highest sales in the plug-in and battery electric passenger car segments, securing 16% of the plug-in market and 23% of the battery-electric market. The company, through its subsidiary Tesla Energy, is a prominent developer and installer of solar photovoltaic energy generation systems in the United States. Additionally, Tesla Energy stands as one of the largest global suppliers of battery energy storage systems, having supplied 3 GWh of battery storage in 2020.
Industry: Manufacturing - Motor Vehicles & Passenger Car Bodies
Revenue: $55,721,702,000
EPS (Earnings Per Share): $44.69
P/E Ratio (Price/Earnings Ratio): 3.91
Market Cap (Market Capitalization): $947,450,020,000
Shares Outstanding: 179.9
Beta: -0.534
Volatility: -0.087
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