[Introduction]: According to the latest news, Tesla layoffs 9%, thousands of employees face unemployment, Tesla's move is to save costs and achieve profitability. The outside world is most concerned about the impact of Tesla layoffs on production capacity? It is reported that the layoffs production department is excluded.
Elon Musk said in an email to employees on Tuesday that Tesla had promised last month to flatten Tesla's management structure. “As part of this effort, as well as the need to reduce costs and achieve profitability, we made a tough decision to get about 9% of the company’s colleagues to leave,†he said.
Musk also wrote in the email: "The layoffs involve almost all paid positions, not production-related positions, so this will not affect our ability to achieve Model 3 production targets in the coming months."
Tesla has been working hard to achieve its production target of 5,000 Model 3 cars per week, after the company faced many initial production problems. Last week, Musk said that the car manufacturer should achieve the above goal by the end of June. Tesla shares rose 7%, rising 3.6% in late trading to close at $344.18.
Efraim Levy, an analyst at CFRA Research, said layoffs mean there may not be more layoffs in the near term, and Tesla may raise funds in early 2019. He said: "Even if Tesla can make a profit in the third and fourth quarters, I don't think it will be sustainable because it needs to continue to increase production. The layoffs may help them achieve profitability in the short term. But it won't last."
Tesla is always "burning money" because it needs to continue to add assembly lines and is ready to make new investments in projects such as Model Y and Gigafactory. Free cash flow is a key indicator of a company's fiscal health. Tesla's first-quarter cash flow expanded from a negative $277 million in the fourth quarter of last year to a negative $1 billion, excluding the cost of its solar business system. Although Musk has stated that there is no need to raise funds this year due to possible profitability in the third or fourth quarter. But several Wall Street analysts are skeptical.
Tesla said that the company will notify affected employees from Tuesday and will complete the layoff notice action within this week. A spokesperson said that Tesla will reduce the overall number of employees to about 37,000, roughly in line with the figures at the end of last year.
Musk also said that Tesla has decided not to renew the residential sales agreement with Home Depot, but will focus on selling its solar products through its own stores and websites. The company will seek to re-employ most Tesla employees at Home Depot's stores.
In May of this year, Musk told employees that the company is undergoing a “reorganization†to address production issues, executive departures and recent challenges related to electric vehicle accidents. At the beginning of April, the company's share price fell by about 35% from the peak hit last September, but there are signs that the company is expected to achieve the production target of the Model 3 car, which almost offset all losses this year.
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