<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div>
<p class="has-drop-cap">Tesla Inc. (NASDAQ: TSLA) has announced significant layoffs affecting more than 10% of its global workforce, according to <a href="https://electrek.co/2024/04/15/tesla-lays-off-more-than-10-of-its-global-workforce/" class="deco-link" target="_blank" rel="noopener noreferrer nofollow">Electrek</a>, translating to at least 14,000 employees. This decision comes amidst a challenging period for the <a href="https://tokenist.com/three-ev-stocks-to-hold-long-term-as-market-gets-tough/" rel="noopener noreferrer nofollow" class="deco-link">electric vehicle manufacturer</a>, which has been grappling with production adjustments, executive changes, and declining sales, particularly in the crucial Chinese market.</p>
<h3 id="tesla-to-streamline-operations-announces-layoffs-affecting-10-of-global-workforce">Tesla to Streamline Operations, Announces Layoffs Affecting 10% of Global Workforce</h3>
<p>Before the layoff announcement, Tesla had already streamlined its operations, including instructing managers to <a href="https://www.deccanherald.com/business/companies/tesla-to-lay-off-more-than-10-of-its-staff-report-2978840" target="_blank" aria-label="identify essential team members (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">identify essential team members</a>, pausing some stock rewards, and canceling certain employee reviews. <br><br>The company also reduced production at its Gigafactory Shanghai and planned to shorten Cybertruck production shifts at Gigafactory Texas, signaling a shift in its manufacturing strategy.</p>
<p>A <a href="https://tokenist.com/teslas-deliveries-in-q1-short-of-expectations-stock-opens-5-2-lower/" rel="noopener noreferrer nofollow" class="deco-link">poor quarterly delivery report</a> and a significant year-over-year reduction in sales, particularly in China, where the company faces rising competition from local EV manufacturers, paints a picture of a company navigating a challenging landscape.</p>
<div class="cta-referral"><img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async">
 <div class="cta-referral__text">
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">Telegram group&nbsp;and never miss a breaking story.</a></p>
 </div>
</div>
<h3 id="tesla-expected-to-be-profitable-in-next-quarterly-report-expected-0-50-eps">Tesla Expected to be Profitable in Next Quarterly Report, Expected $0.50 EPS</h3>
<p>Despite the layoffs and the current difficulties, Tesla is expected to remain profitable, with estimated earnings of around <a href="https://www.investopedia.com/what-you-need-to-know-ahead-of-tesla-s-earnings-8630584" class="deco-link" target="_blank" rel="noopener noreferrer nofollow">50 cents per share</a> for the next quarterly report. <br><br>However, this represents a notable decrease from the 85 cents per share reported a year earlier, underscoring the impact of the current challenges on the company’s financial performance.</p>
<p>As news of the layoffs broke, Tesla’s stock price continued to face pressure, reflecting the broader market sentiment surrounding the company.</p>
<p>In <a href="https://tokenist.com/investing/how-to-trade-after-hours/" rel="noopener noreferrer nofollow" class="deco-link">premarket trading</a>, Tesla shares stood at $171.05, experiencing a decrease of $3.55 or 2.03% from the previous session. This decline is part of a larger trend, with Tesla shares falling by 31.16% since the beginning of the year and underperforming the S&amp;P 500 over the past year. <br><br>As the company navigates this difficult period, analysts’ future price target estimates for Tesla stock range from a low of $24.33 to a high of $320.00, indicating the uncertainty surrounding its future market position.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><strong><em>Do you think Tesla will be able to reclaim its position as one of the most valued tech companies in the US? Let us know in the comments below.</em></strong></p>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p>
<h3 id="br"><br></h3>
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/tesla-to-cut-over-10-of-workforce-amid-declining-sales-stock-dips-in-premarket/">Tesla to Cut Over 10% of Workforce Amid Declining Sales, Stock Dips in Premarket</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Tesla to Cut Over 10% of Workforce Amid Declining Sales, Stock Dips in Premarket

Table of Contents

Tokenist

Other articles published on Apr 15, 2024

Crypto Gems Revealed: Top Altcoins for New Investors

BEFE, BRISE and CENX: Market Favorites Today – Buy or Miss the Boat?

Bitcoin (BTC) Tested $60,660, Ethereum (ETH) Experienced a Daily Loss of 13.80%, Furrever Token (...

Wall Street is Getting Bullish on Copper, Is AI Wave Surging the Demand?

Will Bitcoin Price Rise Again?

Hong Kong Securities And Futures Commission Approves Spot Bitcoin And Ethereum ETFs

Join our free newsletter for daily crypto updates!