Tesla Plans To Cut Over 6,000 Jobs Across Texas And California, Says Report

The company will also be laying off around 3,332 employees across different sites in California.

Also Read: Elon Musk To Meet PM Modi: What Tesla’s Entry In India’s EV Space Can Mean For The Nation

Tesla witnessed a consecutive fall in profit figures in the latest quarter report. The company announced a net profit of $1.13 billion for the first quarter of 2024, which translated into a fall of more than 50 per cent from the previous year. 

The company’s revenues for the same period dipped 9 per cent year-over-year to $21.3 billion from $23.33 billion, largely because of the sales taking a hit. However, the share price of the company managed to impress investors for a brief time. 

The lower-than-expected quarterly figures are majorly attributed to the increasing competition in the EV market coupled with inflationary pressures looming around various economies. 

Many reports also indicate that Tesla will be launching its long-awaited (and even canceled out once) Model 2.