Tesla to cut workforce by 7 percent, increase Model 3 production at lower prices
Describing a "very difficult" road ahead, Tesla CEO Elon Musk on Friday said the automaker would cut its staff by about 7 percent. The Palo Alto, California-based company grew by 30 percent last year, but struggles to remain profitable at that staffing level, Musk said in a memo to Tesla employees also posted on . The company had a "tiny profit" in the third quarter and expects to post an even smaller one in the fourth quarter, Musk said. Tesla must make the job cuts as it ramps up production of the Model 3, he said. "While we have made ...
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