Tesla fires 400 in a week, after claiming 'production bottlenecks'

17 October, 2017, 00:33 | Author: Becky Perry

Tesla stock tumbled on Monday on a hodgepodge of different headlines varying from the company's mass firing supposedly based on performance to a report that some people are selling their Model 3 reservations.

Tesla has fired an undetermined number of employees following a series of performance evaluations after the company significantly boosted its workforce with the purchase of solar panel maker SolarCity.

"As with any company, especially one of over 33,000 employees, performance reviews also occasionally result in employee departures", the company said.

The company said this week's dismissals were the result of a company-wide annual review, and insisted they were not layoffs. Tesla had been aiming to produce 1,500 Model 3 cars by last month and is targeting 5,000 a week by the end of this year.

Meanwhile, a Tesla representative said the dismissals would not have an effect on Model 3 production and that a "vast majority" of the vacant positions would be filled with new hires.

Workers in sales manufacturing and administrative roles were fired after the annual reviews were gone through.

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Claiming it was weeding out underperforming employees, Tesla dismissed hundreds of employees at its Palo Alto, California, headquarters campus and its Fremont assembly facility, according to multiple reports. Employees said the firings have lowered morale through many departments.

CEO Elon Musk said factory output will increase production to a half-million electric vehicles in 2018. Little did many the employees know that hell would come in the form of a pink slip.

The overall attrition rate of employees will be about the same as previous year, the company was quoted as saying.

He maintained his Model 3 shipment forecast of 3,005 this year out of a total of 100,056 deliveries this year but slashed his losses estimates dramatically.

Musk has told investors the company is focused on Model 3 production and expects to eventually build 10,000 cars a week.

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