Tesla's chief executive Elon Musk on Friday said that the company would be cutting its staff by about 7 per cent amid "very difficult" trading conditions.
The electric car and solar panel maker notified its employees about the staff cuts and other plans in an email posted on Tesla's website.
Mr Musk said Tesla hopes to post a "tiny profit" in the current quarter but a 30 per cent expansion in its workforce last year was more than it can support.
Tesla's shares tumbled earlier this month after it cut vehicle prices by $2,000 and announced fourth-quarter sales figures that fell short of Wall Street estimates.
"Our products are too expensive for most people," Mr Musk said in the memo to Tesla staff. saying the company has to "work harder".
"Tesla has only been producing cars for about a decade and we're up against massive, entrenched competitors," he said.
Mr Musk said in a tweet in October, last year, that Tesla, based in Palo Alto, California, had 45,000 employees. A 7 per cent cut would involve laying off about 3,150 people.
"We unfortunately have no choice but to reduce full-time employee headcount by approximately 7 per cent ... and retain only the most critical temps and contractors," he said.
The company says it delivered more than 245,000 electric cars and SUVs last year, nearly as many as all previous years combined. But its 2018 production fell far short of a goal set nearly three years ago of manufacturing 500,000 vehicles for the year. That goal was announced in May of 2016 based on advance orders for its mid-range Model 3, which Mr Musk said sells for $44,000.
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Musk says Apple has lost allure and Tesla sets its sights on e-bikes
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Mr Musk said Tesla plans to ramp up production of the Model 3, "as we need to reach more customers who can afford our vehicles."
"Attempting to build affordable clean energy products at scale necessarily requires extreme effort and relentless creativity," he said in the memo, "but succeeding in our mission is essential to ensure that the future is good, so we must do everything we can to advance the cause."
Tesla broke ground earlier this month for a factory in Shanghai, its first outside the US. Mr Musk said it plans to begin production there of the Model 3 and a planned crossover by the year's end.
Tesla and other global automakers including General Motors, Volkswagen and Nissan are pouring billions of dollars into manufacturing electric vehicles in China.
Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
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- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
A Long Way Home by Peter Carey
Faber & Faber
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
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The Buckingham Murders
Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu
Director: Hansal Mehta
Rating: 4 / 5
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The Penguin
Starring: Colin Farrell, Cristin Milioti, Rhenzy Feliz
Creator: Lauren LeFranc
Rating: 4/5
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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