mo4ch:>Tesla to sack over 3,000 workers amid poor profits and Model 3 production challenges | Mo4ch News
Electric car maker Tesla is planning to fire around seven percent of its full-time staff, as the road ahead will be “very difficult,” according to an email sent to employees by CEO Elon Musk.In the letter, published on Tesla’s website, Musk cited “tiny” profits and pressure to deliver lower cost Model 3 vehicles “in all markets” as the key reasons for the decision. He stressed that the company, which is younger than other players in the industry, will face difficulties in its long-term goal to sell affordable renewable energy products at scale.“Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months,” Musk said.The news comes as the producer has announced cost-cutting measures to reduce the price of its products and boost margins. Tesla stock was down around seven percent on Thursday before recovering.“Attempting to build affordable clean energy products at scale necessarily requires ex…