Tesla Lays Off 9 Percent Of Workforce


Tesla will lay off about 3,500 workers in an effort to boost profitability, CEO Elon Musk wrote in a company email. "What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable," Musk wrote . Musk conceded that Tesla has not made an annual profit in 15 years. The company posted its largest quarterly loss , of more than $700 million, earlier this year. Shareholders reacted positively to the announcement, and Tesla rose more than 3 percent by the end of Tuesday, with a stock price of $342.62. The stock had foundered over the past year amid setbacks in meeting production targets for the Model 3, Tesla's...

Tesla Lays Off 9 Percent Of Workforce

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