Tesla boss Elon Musk wants to cut more than one in ten jobs in the company. The move is in view of the slump in the market for electric cars and weak sales worldwide.
Tesla said it had 140,473 employees at the end of last year. This means that more than 14,000 jobs are now at risk. The company is still the world's highest valued car company, ahead of the Japanese Toyota with 61.5 trillion yen (375 billion euros) The German car manufacturers Volkswagen, BMW, Mercedes-Benz and Porsche AG are lagging far behind with a market capitalization of between 69 and 85 billion euros. The stock has lost over 40 percent since a high last summer of almost $300. The paper is even further away from the record highs of over $400 in autumn 2021, it is reported.. After years of rapid growth, the electric car market has cooled. Now Tesla boss ElonMusk wants to put the staff in reverse gear. The job cuts would allow the company to be lean, innovative and hungry for the next phase of growth.