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Tesla Motors (NASDAQ:TSLA) Sacks 30% Of China Staff

Posted by: : Paul EbelingPosted on: March 9, 2015 Tesla Motors (NASDAQ:TSLA) Sacks 30% Of China Staff

Tesla Motors (NASDAQ:TSLA) Sacks 30% Of China Staff

Tesla Motors Inc. (NASDAQ:TSLA) the EV maker said it’s cutting jobs in China and will reduce staff by 30%.

Tesla will eliminate some positions as it makes structural changes to its business in China, Gary Tao, a local spokesman for the car maker, said Monday. He said he did not know how many jobs will be affected.

Expect Tesla will eliminate about 190 of the 600 positions at its China unit because sales are not meeting expectations.

The personnel changes started at the beginning of the year. Tesla’s local sales department will cut 50% its workforce, the most among all its departments, including marketing, public relations and administrative offices.

Chinese executives including Veronica Wu, Tesla’s former China president, and June Jin, former vice president of communications, have left the company.

Elon Musk said in January sales in China have been slow because of concerns consumers have over charging electric vehicles, not to mention the high price of the car..

Tesla, based in Palo Alto, CA, started delivering cars in the world’s largest auto market last year. The company has 9 stores and service centers in 6 Chinese cities and has tied up with companies including China Unicom and Soho China Ltd. to build charging stations, there are no details on how that is proceeding.

Symbol Last Trade Date Change Open High Low Volume
NASDAQ: TSLA 189.74 Mar-09-2015 -4.14 194.39 194.49 188.25 5,290,468
HeffX-LTN Analysis for TSLA: Overall Short Intermediate Long
Neutral (-0.21) Neutral (-0.21) Neutral (-0.19) Neutral (-0.22)

Stay tuned…


Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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