Elon Musk said Tesla “still plans to grow the Supercharger network, at a slower pace in new locations” and with a greater focus on uptime.
Tesla shares fell nearly 6% on April 30 after news that CEO Elon Musk was cutting more jobs at Tesla, affecting about 500 employees in the company’s Supercharger division.
The stock closed at $183.28 and is down a total of 26% since the beginning of the year, CNBC reported.
According to The Information, Musk emailed managers at Tesla overnight to announce the departure of key executives, including Supercharger head Rebecca Tinucci and Daniel Ho – who Leading the group of new products.
According to CNBC, the ongoing layoffs are part of Tesla’s major cost-cutting measures after the company’s first-quarter revenue this year dropped 9%, the sharpest decline compared to the same period last year since since 2012.
Company profits also halved in the first three months of 2024 as Tesla lowered car prices and offered incentives to boost consumer demand.
Meanwhile, Musk asserted that “Tesla still plans to grow the Supercharger network, but at a slower pace for new locations and with more focus on uptime and expansion of existing locations ”.
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