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Tesla asks which jobs are critical, stoking layoff fears - Bloomberg News

Published 02/07/2024, 09:08 AM
Updated 02/07/2024, 07:25 PM
© Reuters. FILE PHOTO: A Tesla supercharging station is seen in the early morning sun, in Kettleman City, California, U.S., January 25, 2023.  REUTERS/Mike Blake/File Photo

(Reuters) -Tesla managers have been asked whether each of their employees' positions were critical, stoking layoff fears in the company, Bloomberg News reported on Wednesday.

Tesla (NASDAQ:TSLA) sent out a single-line query for each job after canceling some employees' biannual performance reviews, some of the people familiar with the matter told Bloomberg.

The electric automaker did not immediately respond to a Reuters request for comment. It had 140,473 employees globally as of Dec. 31 last year.

Tesla shares rose 2.7% in premarket trading. They have slumped more than 25% so far this year.

The report comes after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins at the world's most valuable automaker and fueled investor concerns about soft demand and Chinese competition.

© Reuters. FILE PHOTO: A Tesla supercharging station is seen in the early morning sun, in Kettleman City, California, U.S., January 25, 2023.  REUTERS/Mike Blake/File Photo

Despite a renewed discounting push led by Tesla, new energy vehicle sales in top auto market China recorded its first month-on-month drop in January on slowing demand.

The U.S. automaker also lost its spot as the top EV maker by sales to China's BYD (SZ:002594) in the fourth quarter.

Latest comments

Layoffs = Canary in the coal mine
Elon is not needed. Board of Directors needs replacement.
Told you so, not a growth company any more.
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