Today: May 30, 2024
Today: May 30, 2024

Tesla's global job cuts hit China sales team, sources say

Share This
Tesla's global job cuts hit China sales team, sources say
April 16, 2024
Reuters

SHANGHAI (Reuters) - Tesla's global job cuts are hitting China, the automaker's biggest market after the United States, affecting staff in teams including sales, two sources briefed on the matter said.

CEO Elon Musk on Monday told staff in an internal memo seen by Reuters that the company is laying off more than 10% of its global workforce, as it grapples with falling sales and an intensifying price war for electric vehicles.

The two sources said some staff in Tesla's China sales team were being notified, with one saying more than 10% were losing their jobs. The second source said other teams were also impacted.

Tesla China did not immediately respond to a request for comment. Both sources declined to be named as they were not permitted to speak to media.

The Shanghai and Beijing local governments did not immediately respond to requests for comment. Tesla's largest plant globally is based in Shanghai, while its China head office is in Beijing.

The cuts come as Tesla is facing increasing competition in China, the world's largest auto market, where it has been locked in a fierce price war with rivals led by BYD that have been rolling out new models at speed.

The global cuts are a sign of cost pressures as Tesla invests in new models and artificial intelligence, analysts at Gartner and Hargreaves Lansdown said on Monday.

Tesla reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years.

(This story has been refiled to drop extraneous words, in paragraph 3)

(Reporting by Zhang Yan and Brenda Goh; Editing by Jamie Freed)

Popular

Inflation watch

Inflation data from the U.S., the euro zone and Japan in the days ahead will guide investors' expectations over the scale and pace of interest rate changes to come in major economies.

Inflation watch

Russia to build Central Asia's first nuclear power plant in Uzbekistan

Russia will build a small nuclear power plant in Uzbekistan, the first such project in post-Soviet Central Asia, Uzbek President Shavkat Mirziyoyev said on Monday at a meeting with

Russia to build Central Asia's first nuclear power plant in Uzbekistan

Texas daily power demand sets record for May consumption

Texas' daily power consumption set a record for the month of May for the sixth time this month, the state grid operator said on Monday, as homes and businesses fired up air conditioners

Texas daily power demand sets record for May consumption

Germany should consider easing debt brake, says IMF

Germany faces rising spending pressures and the government should consider easing the debt brake, the International Monetary Fund said on Tuesday, but finance

Germany should consider easing debt brake, says IMF

IRS makes free tax return program permanent and is asking all states to join in 2025

The IRS will make permanent the free electronic tax return filing system that it experimented with this year

IRS makes free tax return program permanent and is asking all states to join in 2025

Related

Mortgage rates snap three-week pullback, pushing average rate on a 30-year home loan back above 7%

Mortgage rates snap three-week pullback, pushing average rate on a 30-year home loan back above 7%

Supreme Court gives homeowners another chance in escrow dispute with Bank of America

Supreme Court gives homeowners another chance in escrow dispute with Bank of America

Fidelity won't levy proposed fees on purchases from boutique ETF firms, sources say

Fidelity won't levy proposed fees on purchases from boutique ETF firms, sources say

Tesla makes push to roll out advanced FSD self-driving in China

Tesla makes push to roll out advanced FSD self-driving in China
- Advertisement -
Advertisement: Limited Time Offer