Tesla, Inc. (NASDAQ:TSLA) ‘Deep in Production Hell’ Sacks 700 Workers

Tesla, Inc. (NASDAQ:TSLA) ‘Deep in Production Hell’ Sacks 700 Workers

Tesla, Inc. (NASDAQ:TSLA) ‘Deep in Production Hell’ Sacks 700 Workers

$TSLA

Tesla Inc. (NASDAQ:TSLA) has sacked up to 700 employees following a series of so-called performance evaluations.

 The firings are part of an annual review, CEO Elon Musk’s Palo Alto, California-based company said in an e-Mail.

The maker of Models S and 3 this week dismissed between up 700 employees, including engineers, managers and factory workers, it was reported on Friday, 13  October.

“As with any company, especially one of over 33,000 employees, performance reviews also occasionally result in employee departures,” the company said in the statement. “Tesla is continuing to grow and hire new employees around the world.”

The company has more than 2,000 job openings on its careers website.
Thesacings come after Tesla said it built just 260 Model 3 sedans during Q-3, less than 20% of its 1,500-unit forecast.
The company has offered few details about the problems it’s having producing the car. The vehicle’s entry price starts at $35,000, roughly 50% the cost of Tesla’s more-expensive Model S sedan.

A delayed ramp-up risks the ire of some of about 420-K reservation holders who started paying $1,000 deposits early last year.

On 12 October, Tesla CEO Elon Musk posted a video on Instagram of what he said was a stamping press producing body panels for the Model 3, the word is that many of the cars parts are being hand made as the production of the Model 3 is ‘Deep in Production Hell’

Noted Tesla ‘hypemeister’ Elon Musk was not available for comment.

HeffX-LTN Analysis for TSLA: Overall Short Intermediate Long
Neutral (0.03) Neutral (-0.15) Neutral (0.17) Neutral (0.07)

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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