Tesla is planning to announce more job cuts following the termination of its two senior level executives, as sales figures remain under pressure
Elon Musk's luxury EV arm, Tesla, is set to announce more layoffs as the company has recently terminated two senior-level executives. This news comes at a time when the automobile company has already laid off more than 10 per cent of its workforce as the company continues to face low demand and stiff competition in the EV space.
As per a report by The Information, Rebecca Tinucci, the senior director of Tesla's Supercharger business, and Daniel Ho, the head of the new vehicles program, will be leaving the automobile major.
During the quarter ending in March, Tesla almost doubled its income but sales figures continued to remain under pressure. The profitability figures also took a hit as the company reduced prices amidst tepid demand.
On a year-to-date basis, the shares of the luxury EV arm have declined by more than 20 per cent on NASDAQ.
Musk is also set to terminate all the staff under Tinucci and Ho, including about 500 employees from the Supercharger team. The exact number of employees under Ho is not specified.
"Hopefully these actions are making it clear that we need to be absolutely hard core about headcount and cost reduction," Musk wrote in the email. "While some on exec staff are taking this seriously, most are not yet doing so," he added.
A few days back, two other senior level executives, Patel and battery development chief Drew Baglino had also announced their departures from the company.