Tesla has seen its profits more than halve this year, and says it will bring forward the launch of new models after announcing thousands of job cuts to try to reverse its fortunes.
Despite plans to bring forward new models originally planned for next year the firm is cutting its workforce.
Tesla said it would lose 3,332 jobs in California and 2,688 positions in Texas, starting mid-June.
The cuts in Texas represent 12% of Tesla’s total workforce of almost 23,000 in the area where its gigafactory and headquarters are located.
Zoom out about a week.
Its fair to say that last week, TSLA was oversold and is now bouncing back from that. But the -55% profits and -$2.3ish Billion FCF are bad numbers.
TSLA is down from $180, where it was just a few weeks ago. $140 prices this past week apparently was too low, but there’s no chance in hell that TSLA goes back up to pre-Q1 announcement numbers. Q1 2024 was awful. Declining sales around the world in all major areas: China, Europe, AND USA. They’re weak everywhere.