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Tesla to cut over thousands of jobs while it ramps up production of Model 3

The company said it would reduce full-time employee headcount by about 7 percent and retain only the most critical temps and contractors

Reuters 

Tesla Inc said on Friday it was cutting several thousands of jobs, as the electric car maker looks to trim costs and be consistently profitable while it ramps up the production of its crucial Model 3 sedan. Tesla shares fell 4.1 percent to $333 in premarket trading "Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months," Chief Executive Officer Elon Musk said in an email to employees that was published on the company's blog. "There isn't any other ...

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First Published: Fri, January 18 2019. 16:06 IST