Tesla CEO Elon Musk buys 72,500 shares in electric car maker

14 Juin, 2018, 08:31 | Auteur: Auguste Feret
  • Tesla firing 9% of its workforce

The company did not say how much money the cuts would save.

"Tesla has grown and evolved rapidly over the past several years, which has resulted in some duplications of roles and some job functions".

In the company letter, Musk said Tesla would end its residential sales agreement with Home Depot and focus on selling solar power in Tesla stores and online.

Tesla is now planning on updating its "hold the wheel" message to clarify that drivers need to apply slight upward or downward pressure to let the system know that they're engaged, according to a tweet by Tesla CEO Elon Musk.

The share purchases could be a signal to employees and Wall Street that he's still optimistic about the future of Tesla. The company has not posted an annual profit in its 15 years of business.

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"What drives us is our mission to accelerate the world's transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable", Musk wrote.

The report comes amidst other significant news becoming public, that the company is laying off almost 10% of its workforce.

Musk also announced that the company's solar panel unit has chose to end its agreement to sell via Home Depot stores so it can focus on sales in Tesla's company stores and online.

Tesla's profitability has been based on the firm hitting a 5,000 per week production target of its Model 3 sedans after facing initial production hiccups. "The layoffs may help them to achieve profitability in the near-term but not sustain it". It can easily top $50,000 with options.

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