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Tesla to launch new round of layoffs in next quarter • InNewCL

Tesla to launch new round of layoffs in next quarter • InNewCL

#Tesla #launch #layoffs #quarter #InNewCL Welcome to InNewCL, here is the new story we have for you today:

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Tesla is curbing the hatches against a deteriorating economy, according to a new report from Electrek. The automaker will conduct a fresh round of layoffs in the first quarter of 2023, according to the blog’s source, and will also freeze hiring across the board — having just resumed hiring in the second half of 2022 after a previous freeze and first round of layoffs in June.

Of course, macroeconomic conditions don’t look like improving anytime soon, so that could definitely be a reason for Tesla to take action to slow or reduce personnel spending. But the EV company is also facing additional pressure from the recent sharp drop in share price, which started in late September/early October and worsened towards the end of October as Elon Musk completed his acquisition of Twitter.

Musk recently said that the the problem is a general one in regards to the stock market itself, which stems more from rising bank account interest rates and general market volatility than any specific challenge Tesla is facing. However, critics still point to Musk’s general distraction, which has contributed to the company’s poor performance with investors of late.

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