Fears of a Tesla jobs massacre are growing after managers were reportedly asked to identify which of their employees’ jobs were critical.
The electric vehicle maker has canceled semi-annual performance reviews for some employees, sources said Bloomberg.
A one-line email reportedly asked a binary question asking U.S. managers to estimate the role of their deputies.
It comes after a series of layoff announcements from companies including Snapchat owner Snap, Macy’s and Estée Lauder Companies.
Billionaire CEO Elon Musk has recently emphasized cost cuts at Tesla amid a marked slowdown in sales growth.
Fears of a Tesla jobs massacre are growing after managers were reportedly asked to identify which of their employees’ jobs were critical
Tesla’s stock price is down about 24 percent through 2024 after the company missed its 50 percent annual sales growth target. The number of vehicles increased by 38 percent in 2023, while analysts predict it will increase by 20 percent this year.
Tesla is struggling to keep up with a host of international manufacturers offering cheap electric cars. Figures show that carmaker BYD is on the verge of overtaking Tesla as the world leader in electric vehicle production this year.
And across the board, demand for eco-friendly vehicles is declining, with dealers warning that vehicles are piling up unsold in car parks.