Tesla Plans More Job Cuts as Two More Executives Exit: Report

At least you get the good news of yesterday that must goes to China and gets closer to getting his driver assistance there approved. And then we hear that two more executives are leaving. Oh, and everyone underneath them is also going to be losing their job. What’s happening? Well, I think the thing we saw perhaps a year and a half ago is that Tesla massively expanded its capacity. So I think something like 2 million units a year and then promptly the the bottom fell out of the EV market, right. The a lot of the cars that have been sold a number of years ago came into the secondary market, second hand market, the price on those the drop off was considerable. Just generally the appetite for these cars new has fallen as well. So there’s a huge recalibration across the electric vehicle industry. We had heard some reporting already from Bloomberg amongst others that. There were likely to be more job cuts coming downline. The thing that’s quite interesting when you look at Tesla is if you look at revenue per employee that has remained, it’s increased. But when you look at operating profit per employee, the drop off is quite considerable. You can see it on this chart here. It’s dropped by, you know about half. The drop off in operating profit itself is not that steep. So it looks like this is an effort to bring that sort of number up.