Tesla to cut its staff by 7 percent - KGO-TV

Tesla has announced plans to cut its workforce by 7 percent. In a blog post, the company said the "road ahead is very difficult." The cuts will be made to help increase Model 3 production and improve profits. The announcement said Tesla Inc. hopes to post a "tiny profit" in the current quarter. It said Tesla increased its staff by 30 percent last year but cannot support that size of staff.

Tesla's shares tumbled earlier this month after it cut vehicle prices by $2,000 and announced fourth-quarter sales figures that fell short of Wall Street estimates.

The Tesla announcement comes just days after CEO Elon Musk announced he would lay off employees at his other company, SpaceX.

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