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<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>
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<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

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