Tesla lays off roughly nine percent of workforce

Tesla lays off roughly nine percent of workforce

At the time, Tesla had 33,000 employees, suggesting that Tesla's headcount is still on an upward trajectory overall.

In an email obtained by CNBC, Tesla CEO Elon Musk said the company has not "made an annual profit in the nearly 15 years since" it was founded.

At the company's annual shareholder meeting earlier this month, Musk said he expected the Palo Alto, California, company to post a quarterly profit during the July-September period.

Tesla said it plans to cut 9% of its workforce as part of a restructuring meant to reduce costs and boost profitability. For almost all of its history, Tesla has put up losses while investing heavily in technology, manufacturing plants and an extensive car-charging network.

Shares of electric automaker Tesla rose during Tuesday's trading session after one Wall Street firm raised its Model 3 production estimates by 50%.

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In the note, which he tweeted out after it was leaked to media outlets, Musk said that almost all of the cuts would be salaried positions, and that the production staff is largely unaffected. Moreover, he said that this round of layoffs is necessary so that "we never have to do this again".

This week, we are informing those whose roles are impacted by this action.

In addition to this company-wide restructuring, we've decided not to renew our residential sales agreement with Home Depot in order to focus our efforts on selling solar power in Tesla stores and online.

"Tesla has grown and evolved rapidly over the past several years, which has resulted in some duplication of roles and some job functions that, while they made sense in the past, are hard to justify today, " Musk wrote in the email. The majority of Tesla employees working at Home Depot will be offered the opportunity to move over to Tesla's retail locations, according to the memo.

"9 percent job cut is a good number and I don't think there will be more job cuts in the near term", Efraim Levy, analyst at CFRA Research said.

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