Tesla profits cut in half as demand falls
www.bbc.com
The EV maker brings forward launch plans for new models as profits drop by more than half.

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.

    • Billiam@lemmy.worldEnglish
      21·
      8 months ago

      God fucking damnit, I hate Wall Street.

      We sold fewer cars than expected, lost money, revealed that even though we’re making 1000 Cybertrucks a week we’ve only sold 4000 of them and had to recall every single one because we fucking glued the foot pad onto the accelerator pedal, and had our lying sack of shit CEO’s compensation nerfed by a judge so in response we’re gonna fire 6000 people.

      Line go up.

    • dragontamer@lemmy.worldEnglish
      81·
      8 months ago

      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.

    • Milk_Sheikh@lemm.eeEnglish
      4·
      8 months ago

      HFT algorithmic robo-traders still gonna scalp daily delta, often in an incestuous and self-reinforcing cycle based on financial headlines

      I’ve been bearish on Tesla for years, but it’s getting increasingly obvious with growing EV competition that their market cap is/was absurd hype that defies fundamentals or even possible value if Tesla was a monopoly

      • Avid Amoeba@lemmy.caEnglish
        10·
        8 months ago

        A 6 month chart is supposed to correlate with the effect of today’s layoffs announcement?

        • dragontamer@lemmy.worldEnglish
          4·
          8 months ago

          The layoffs were known last week though.

          Sure, the news is finally talking about the layoffs, but people were locked out of their badges and complaining last week about this. So now its official today, but it was public knowledge last week when that price declined dramatically.

          So the employees were nominally on the books until today. Big woop. They stopped working a week ago and complained about it online. You can’t hide a mass of 10,000+ sad and angry employees talking shit about Tesla. The stock moved on that before the official layoff announcement today.