Published: Tue, October 17, 2017
Science | By Nancy Frank

Tesla fires hundreds of workers

Tesla fires hundreds of workers

The dismissals were a result of a company-wide annual review, Tesla said in an emailed statement, without confirming the number of employees leaving the company.

In a recent investor call, Musk said the company is concentrating on production of the Model 3, expecting to eventually build 10,000 cars a week.

Oppenheimer analyst Colin Rusch said in a note on Monday that Tesla stock will track Model 3 deliveries, so any further production bottlenecks - particularly if the company itself causes them by firing hundreds of workers - could send the shares into freefall.

In the article, published late Friday and updated Saturday morning, Tesla employees interviewed estimated 400 to 700 people had been fired.

Wells Fargo & Company Earnings Ahead: Quick Glance
It has underperformed by 7.03% the S&P500. $2.05 million worth of Wells Fargo & Co (NYSE: WFC ) shares were sold by Mack Mary T. Analysts are expecting Wells Fargo to post per-share earnings of $1.03 for the quarter, according to Thomson Reuters .

Tesla said the performance-based departures were not considered layoffs and not subject to state notifications.

If a Tesla driver's insurance goes up, "there is a simple solution", Musk said.

Like all companies, Tesla conducts an annual performance review during which a manager and employee discuss the results that were achieved, as well as how those results were achieved, during the performance period. "This includes both constructive feedback and recognition of top performers with additional compensation and equity awards, as well as promotions in many cases". As with any business, the performance reviews hardly result in worker departures. Tesla continues to grow and employ new people from all over world "explained". The company plans to refill some of the now-open positions.

That would indicate that the action apparently doesn't reflect a reduction in the company's overall employment-though it may temporarily reduce payroll cost on the margins.

Hurricane Ophelia now risky Category 3, sixth major hurricane this season
Mean wind speeds of 80 km/h and gusts in excess of 130 km/h are forecasted, potentially causing structural damage and disruption. It's unusual for a hurricane to head toward northwest Europe.

The launch of InsureMyTesla in the USA comes after CEO Elon Musk took issue with reports earlier this year that insurer AAA was raising rates to insure Tesla vehicles in some markets, citing high claim frequencies and costs. That production surrounds the Model 3, the company's first mass-market vehicle, for which Musk has set an aggressive production schedule - one the company has not kept pace with.

The company's claims that it would be delivering 5,000 electric cars a week by December 31 would now seem to require little short of a Herculean effort to ramp up production.

The firing of employees came at a crucial point of time when the electric automaker is engaged to ramp up the production of latest Model 3 auto. He worked at Tesla for almost four years, and said he heard about 60 other workers in his section of the factory were dismissed.

Arsene Wenger angered by 'scandalous' penalty decision after Watford defeat
Meanwhile Watford are on inspired form under boss Marco Silva, with 3 wins and 3 draws from their opening 7 games. A point would have seen Arsenal leapfrog Chelsea into fourth but Watford did so instead. "They scored.

Like this: