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Tesla stock dips 6% post-500 job cuts, within its Supercharger team

Tesla plummeted nearly 6% as CEO Elon Musk initiated another round of job cuts, affecting approximately 500 employees
May 1, 2024

Tesla's stocks faced a nearly 6% dip as CEO Elon Musk announced further job cuts impacting around 500 employees in the company's Supercharger team. This move comes as part of Tesla's wider restructuring efforts, following significant revenue drops earlier this year.

The announcement of job cuts was delivered by Musk via an email to Tesla managers, marking the departure of key executives, including Senior Director of EV Charging, Rebecca Tinucci, and Director of Vehicle Programs, Daniel Ho.

Tesla's decision to downsize the Supercharger team indicates a slowing down of the company's expansion plans for its charging infrastructure, a move contrasting Tesla's recent partnerships with major industry players like Ford and GM. This restructuring follows Tesla's 9% revenue decline in the first quarter of the year, with profits halving due to increased discounts and incentives.

The layoffs, which began as early as January, have left many employees uncertain about their job security, with termination notices being sent out as recently as Tuesday.

Tesla's stock decline also marks a lack of investor warning regarding the company's charging infrastructure plans. Charging network partners, including small and medium-sized businesses, were also not forewarned, causing confusion among stakeholders.

While Tesla remains committed to growing its Supercharger network, the recent layoffs suggest a slower pace of expansion and a focus on maintaining and expanding existing locations. Despite setbacks, Tesla's mission to accelerate the transition to sustainable energy remains unchanged. However, the stock's decline reflects uncertainties surrounding the company's recent moves and the impact they might have on Tesla's future growth and innovation in the electric vehicle market.

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