Money Tesla cuts nine per cent of staff as Elon Musk aims at profitability

06:15  13 june  2018
06:15  13 june  2018 Source:   cityam.com

Rolls Royce set to axe 1 in 4 jobs at historic base: White-collar cull will see 4,000 jobs axed this week

  Rolls Royce set to axe 1 in 4 jobs at historic base: White-collar cull will see 4,000 jobs axed this week The cull of managers and administrative staff is expected to be announced at a meeting on Friday, when boss Warren East will speak to investors. Hardest hit will be the engineering giant’s base in Derby where most of its white-collar staff are located. Rolls has been based in Derby since 1906.About 14,000 of the group’s staff work there, meaning the cuts could wipe out a quarter of the local workforce. It will not affect some 7,000 front-line engineers, however, who are protected under a deal with unions.

The company is ready to be profitable , Tesla CEO Elon Musk recently wrote in an email to staff , and needs to whittle Musk wrote that he expects to reach full GAAP profitability in the third and fourth quarters of 2018. Originally, Musk aimed to produce 5,000 Model 3s a week by the end of 2017.

Elon Musk said the cuts will affect salaried staff , not factory works, with pressure mounting to meet Model 3 targets. Tesla is slashing thousands of jobs, its chief executive Elon Musk announced Tuesday, as the electronic car company attempts to hit production targets and reach profitability .

Electric car maker Tesla is cutting several thousand jobs across its workforce. © getty Electric car maker Tesla is cutting several thousand jobs across its workforce. Electric car maker Tesla is cutting several thousand jobs across its workforce in a bid to reduce its costs as it ramps up production on the Model 3, chief executive Elon Musk confirmed in a tweet last night.

In an email sent to staff, Musk said the cuts, equivalent to about nine per cent of staff, had been preplanned as part of a “thorough reorganisation” of Tesla’s management structure.

The company adjusted its production targets for the Model 3 down to 5,000 cars per week, to be reached by the end of June.

“As part of this effort, and the need to reduce costs and become profitable, we have made the difficult decision to let go of approximately 9 percent of our colleagues across the company,” the email read.

Tesla will start enabling full self-driving features in August

  Tesla will start enabling full self-driving features in August Tesla has been promising true self-driving features in its cars for the better part of two years, but there has been precious little to show for it. Now, though, you might get what you paid for. Elon Musk has revealed that Autopilot version 9 should arrive in August, and Tesla will "begin to enable" the full autonomous driving features with that release. The company has "rightly focused entirely on safety" with previous versions, Musk said, but now it's time to spread its wings.

‘It is not rude to leave’: Elon Musk says excessive meetings are a ‘blight’, urges staff to ‘walk out’. I have asked the Tesla finance team to comb through every expense worldwide, no matter how small, and cut everything that doesn’t have a strong value justification.”

Why Tesla Stock Should Not Electrify You. — Elon Musk (@ elonmusk ) April 13, 2018. Tesla went through nearly 0 million during the first three months of the year to make its cars, pay its sales staff and cover the other costs of running its business.

“These cuts were almost entirely made from our salaried population and no production associates were included, so this will not affect our ability to reach Model 3 production targets in the coming months.”

a sign in front of a building © Provided by CityAM Musk also said an existing residential sales agreement with US chain Home Depot will not be renewed, and it would refocus on sales through its own channels.

Analysts expect Tesla to begin raising fresh capital later this year, despite statements from Musk that he expects it to hit profitability within the third or fourth quarter.

Tesla’s share price rose by 3.21 per cent to $342.77 at market close.

Elon Musk emails employees about 'extensive and damaging sabotage' by employee .
According to correspondence attained by CNBC, a fire at Tesla's Fremont, California plant interrupted vehicle production there on Sunday night.Now, CNBC has learned that Musk also sent an e-mail to all employees at Tesla late on Sunday night alleging that he has discovered a saboteur in the company's ranks.

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