Tesla slides after report says it plans to cut 3,000 jobs

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  • Shares of Tesla sank about two percentage points from their intra-day high on Tuesday after Electrek reported the company was planning to lay off over 3,000 employees - or roughly 9% of its workforce.
  • The blog learned of the cuts from an internal email which it says Tesla confirmed. CNBC and Bloomberg also reported the layoffs.
  • The job cuts will only impact salaried employees and not production associates, Electrek said, as it continues to struggle to meet its Model 3 production goals of 5,000 sedans per week. The company is currently producing just under 3,000 per week, Bloomberg estimates.
  • Shares of Tesla were up about 4% at the time of writing. They had previously spiked more than 7% in trading Tuesday.
  • Tesla shares are up 11.3% this year.
  • Follow Tesla's stock price in real-time here.
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