The saga in the electric vehicle market: Tesla lays off 14,000 employees

• Published date: 19 April 2024
• Author: UDI ETZION/WALLA!
• Publication title: Jerusalem Post, The: Web Edition Articles (Israel)

In a document sent to its employees by CEO Elon Musk and leaked on the Elektrek website, Musk explains that "over the years, we have grown rapidly with a number of factories expanding worldwide. With this rapid growth, duplication of roles and roles in certain areas has occurred."

In the first quarter of the year, Tesla sold 433,000 vehicles, a 10% decrease compared to the previous quarter, but still had an inventory of about 50,000 vehicles after selling only 387,000, which is very unusual for a company that prides itself on manufacturing before demand.

Despite the decline in sales, Tesla managed to surpass the Chinese BYD, which produced only 300,000 electric vehicles during the same period, and returned to being the world's largest electric vehicle manufacturer.

However, the layoffs will not be easy for those affected. "As we prepare the company for our next phase of growth, it is crucial to look at every aspect of the company to reduce costs and increase productivity," Musk added, whose personal fortune is estimated at $200 billion. "As part of this effort, we conducted a...