Tesla to lay off 10% of workforce as it aims to become 'lean and innovative'

Tesla plans to reduce its global workforce by more than 10 per cent as the company faces declining sales and increased competition in the electric vehicle market.

The Texas-based company had 140,473 employees as of December last year.

Chief executive Elon Musk said the move would help the company to become “lean, innovative and hungry for the next growth phase cycle”.

“We have done a thorough review of the organisation and made the difficult decision to reduce our headcount by more than 10 per cent globally,” Mr Musk said in a memo sent to employees.

The memo did not specify the exact number of jobs that will be affected.

“With this rapid growth there has been duplication of roles and job functions in certain areas. As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” Mr Musk said.

A Tesla model 3 car at the automaker's showroom in Singapore. Reuters

Tesla this month reported a nearly 8.5 per cent annual drop in its March quarter deliveries.

The drop in deliveries, which was the first in four years, was caused by various factors, primarily Houthi rebel strikes in the Red Sea, an arson attack at Tesla's German factory and increased production of the updated Model 3.

The world's largest car maker by market value produced 433,371 cars last quarter but delivered only 386,810. It marked the first time Tesla reported a year-on-year decline since the Covid-19 pandemic affected deliveries in 2020.

Why are analysts adjusting Tesla's stock price range downwards?

China's BYD overtakes Tesla in electric car sales as competition heats up

In his memo, billionaire businessman Mr Musk also warned his employees they should be ready for the “difficult job that remains ahead”.

“We are developing some of the most revolutionary technologies in auto, energy and artificial intelligence … your resolve will make a huge difference in getting us there,” he said.

Tesla: one of the worst performers in S&P index

Tesla's stock is one of the worst performers in the S&P 500 index, which has jumped nearly 9 per cent since start of the year.

Tesla was trading 0.40 per cent down in pre-market trading at $170.40 on Monday. Shares of the company closed at $171.05 on Friday, giving it a market value of $535.98 billion. The company's shares have dropped nearly 31 per cent since the start of the year.

Industry experts are not bullish about the company’s growth prospects, prompting them to adjust its future stock price range downwards.

Last week, Philippe Houchois, an analyst at capital markets firm Jefferies, reduced his price target for Tesla stock from $185 to $165, while Piper Sandler analyst Alexander Potter adjusted the firm's target down to $205 from $225.

Tesla, which went public in 2010, is expecting a slowdown this year, after years of bumper sales growth. The company is expected to report its last quarter’s earnings on April 23.

Mr Houchois and Mr Sandler predicted Tesla would deliver 1.77 million and 1.79 million vehicles this year, respectively, down from 2023’s record of more than 1.81 million.

Booming EV market

The car industry's transition to EVs is accelerating. By 2030, more than one in four new passenger cars sold will be an EV, according to S&P Global Mobility report.

The top car makers are expected to account for more than 70 per cent of global EV production by 2030 (compared with 2022 when they represented only 10 per cent of all EV manufacturers), it said.

In December, the billionaire co-founder of Xiaomi unveiled the company’s first EV, announcing ambitions to become a top global car maker in 15 to 20 years. In November, Tesla delivered its first Cybertrucks, four years after the futuristic vehicles first appeared.

A Tesla Cybertruck during a test drive in Los Angeles, California. All photos: Bloomberg

The Cybertruck announces Tesla's entry into the lucrative and highly competitive pickup market in the US

The electric vehicle has a range of about 510km, and accelerates from 0 to 100kph in just 2.6 seconds

The vehicle's stainless steel body is bullet proof

The Cybertruck has a fully self-driving capability with autopilot

About 2,000 of the space-age vehicles rolled off the production line in late November 2023

About Karol Nawrocki

• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.

• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.

• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.

• Met Donald Trump at the White House and received his backing.

Killing of Qassem Suleimani

National Editorial: Suleimani has been killed, now we must de-escalate

Jack Moore: Why the assassination is such a monumental gamble

Matthew Levitt: Iran retains its ability to launch terror attacks

Damien McElroy: A CEO tasked with spreading Iran's influence

Hussein Ibish: Trump's order on solid constitutional ground

Simon Waldman: Cautious Israel keeping a low profile

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

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Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.

Plastic tipping point

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Part three: an affection for classic cars lives on

Read part two: how climate change drove the race for an alternative

Read part one: how cars came to the UAE

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Hatta, where present and past collide

How old Dubai moved with the times and kept its heart

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UAE currency

More on this story

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• The National announces Future of News journalism competition

• Round up: Experts share their visions of the world to come

UAE jiu-jitsu squad

Men: Hamad Nawad and Khalid Al Balushi (56kg), Omar Al Fadhli and Saeed Al Mazroui (62kg), Taleb Al Kirbi and Humaid Al Kaabi (69kg), Mohammed Al Qubaisi and Saud Al Hammadi (70kg), Khalfan Belhol and Mohammad Haitham Radhi (85kg), Faisal Al Ketbi and Zayed Al Kaabi (94kg)

Women: Wadima Al Yafei and Mahra Al Hanaei (49kg), Bashayer Al Matrooshi and Hessa Al Shamsi (62kg)

EMERGENCY PHONE NUMBERS

Estijaba – 8001717 – number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

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Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

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Our commentary on Brexit

Con Coughlin: Choice of the British people will be vindicated
Sam Williams: Departure is influenced by its sense of place

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A mother’s plea for her children ‘illegally’ in UAE to be sent home to India

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KILLING OF QASSEM SULEIMANI

National Editorial: Suleimani has been killed, now we must de-escalate

Mina Al Oraibi: Air strike casts a long shadow over the decade ahead

Jack Moore: Why the assassination is such a monumental gamble

Matthew Levitt: Iran retains its ability to launch terror attacks

Damien McElroy: A CEO tasked with spreading Iran's influence

Hussein Ibish: Trump's order on solid constitutional ground

Simon Waldman: Cautious Israel keeping a low profile

Rashmee Roshan Lall: Sound of silence in South Asia

Fanar Haddad: The Iranian response will be gradual

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Mastering the memory: the phenomena of Quran memorisation

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

The National Editorial: Is there much to celebrate on International Women's Day 2021?

Saudi National Day

Why the UAE has many reasons to celebrate its closest friend and ally

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

KILLING OF QASSEM SULEIMANI

National Editorial: Suleimani has been killed, now we must de-escalate

Mina Al Oraibi: Air strike casts a long shadow over the decade ahead

Jack Moore: Why the assassination is such a monumental gamble

Matthew Levitt: Iran retains its ability to launch terror attacks

Damien McElroy: A CEO tasked with spreading Iran's influence

Hussein Ibish: Trump's order on solid constitutional ground

Simon Waldman: Cautious Israel keeping a low profile

The specs

Engine: 4.0-litre flat-six

Power: 510hp at 9,000rpm

Torque: 450Nm at 6,100rpm

Transmission: 7-speed PDK auto or 6-speed manual

Fuel economy, combined: 13.8L/100km

On sale: Available to order now

Price: From Dh801,800

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The Gentlemen

Director: Guy Ritchie

Stars: Colin Farrell, Hugh Grant

Three out of five stars

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Specs%20

%3Cp%3E%3Cstrong%3EPower%20train%3A%20%3C%2Fstrong%3E4.0-litre%20twin-turbo%20V8%20and%20synchronous%20electric%20motor%3Cbr%3E%3Cstrong%3EMax%20power%3A%20%3C%2Fstrong%3E800hp%3Cbr%3E%3Cstrong%3EMax%20torque%3A%20%3C%2Fstrong%3E950Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20auto%3Cbr%3E%3Cstrong%3EBattery%3A%20%3C%2Fstrong%3E25.7kWh%20lithium-ion%3Cbr%3E0-100km%2Fh%3A%203.4sec%3Cbr%3E0-200km%2Fh%3A%2011.4sec%3Cbr%3E%3Cstrong%3ETop%20speed%3A%20%3C%2Fstrong%3E312km%2Fh%3Cbr%3E%3Cstrong%3EMax%20electric-only%20range%3A%3C%2Fstrong%3E%2060km%20(claimed)%3Cbr%3E%3Cstrong%3EOn%20sale%3A%3C%2Fstrong%3E%20Q3%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1.2m%20(estimate)%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A

The specs

Engine: 5.0-litre supercharged V8

Transmission: Eight-speed auto

Power: 575bhp

Torque: 700Nm

Price: Dh554,000

On sale: now

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The specs: 2018 Chevrolet Trailblazer

Price, base / as tested Dh99,000 / Dh132,000

Engine 3.6L V6

Transmission: Six-speed automatic

Power 275hp @ 6,000rpm

Torque 350Nm @ 3,700rpm

Fuel economy combined 12.2L / 100km

more from Janine di Giovanni

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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat

More on animal trafficking

Custom-made smuggling vests used to smuggle ivory onto aircraft

UAE ranks high for animal trafficking as smugglers target Dubai International Airport, report finds

The%20specs

%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Twin-turbocharged%204-litre%20V8%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E542bhp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E770Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3EEight-speed%20automatic%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh1%2C450%2C000%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A

• Remittance charges will be tackled by blockchain

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• Could the UAE drive India's economy?

• News has a bright future and the UAE is at the heart of it

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• The National announces Future of News journalism competition

• Round up: Experts share their visions of the world to come

Explained

Who are the bidoon?

The specs: 2018 Nissan 370Z Nismo

The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km