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MarketWatch MarketPulseJan 18, 2019
Tesla to cut jobs by around 7%, says CEO Elon Musk
Electric-car maker Tesla Inc. will cut "approximately" 7% of its full-time workforce, said Chief Executive Officer Elon Musk in an update on the company's blog Friday that was emailed to all employees. Musk spoke of a "difficult" road ahead and said the company was targeting a small profit for the upcoming quarter. He said Tesla faces a tough challenge of "making our cars, batteries and solar products cost-competitive with fossil fuels," and that the company's products are "still too expensive for most people." He said the 4% profit the company made in the third quarter was due to sales of higher-priced Model 3 variants in North America. "In Q4, preliminary, unaudited results indicate that we again made a GAAP profit, but less than Q3," he said. "This quarter, as with Q3, shipment of higher-priced Model 3 variants (this time to Europe and Asia) will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit." Musk said the company will "retain only the most critical temps and contractors," adding that the staffing changes will be made while boosting Model 3 production and "making many manufacturing engineering improvements in the coming months. Shares of Tesla dropped nearly 5% in thin, premarket trade.

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MarketWatch Breaking NewsJan 18, 2019
Tesla shares tumble premarket after Musk announces he's cutting jobs by 7%
Tesla shares tumble premarket after Musk announces he's cutting jobs by 7%

Google Business NewsJan 18, 2019
Tesla to Slash More Jobs in Effort to Reduce Model 3 Price - The Wall Street Journal
Tesla to Slash More Jobs in Effort to Reduce Model 3 Price  The Wall Street JournalElon Musk says Tesla is ending its customer referral program as it's costing too much  CNBCAzealia Banks & Grimes Ordered By Law To Preserve Racy DMs  HotNewHipHopSubsidies for the Elites  TownhallTesla to cut jobs as cars 'too expensive'  BBC NewsView full coverage on Google News
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