BREAKING: Tesla Lays Off Staff, Execs Leave
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I worked at Tesla starting in July of 2017 as an Operations Analyst out of the Bethlehem, PA distribution center facility and left as a Program Manager based out of Austin, TX as of September 2021. I spent most of my time in the distribution and supply chain organizations.
Before Tesla, I was a Director of Business Intelligence and Pricing at the largest Pet Food & Supply distributor in the US, Phillips Pet Food & Supplies based out of Easton, PA. My wife and I also owned a small business in Bethlehem, PA between 2016 and 2019.
I have been a shareholder of Tesla since 2012 and currently own Tesla stock.
Nothing in my content constitutes financial or investment advice.
My thoughts are my own and are not representative of everyone who currently works, or has worked at Tesla.
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Thanks for your valuable perspective as an ex-Tesla team member. Much more credible than the speculation from outsiders on wall street.
One reason top execs leave also is they have earned a lot of stock options...they have become rich. Then it becomes a trade-off. Having a family with young children can be quite a pull.
Very true... Everyone has their own thresholds, and Drew has probably looked at what he's done, what he's worth, and how he'd now like to spend his time. 18 years with Musk is a massive achievement. Drew's contributions have been significant - while Tesla will miss him, his motives are totally right.
no.... you are talking about the average person... most 'execs' do not think like most people... this was forced and AI is coming for everything. five years.. thats reality. its happening now.
let me put it to you like this. a veterinary DR and human MD are the same, slightly different physiologies(mammals). when a patient took their dog to different vets they all said "put it down, we dont know". after inputting various data an AI figured out what mostly likely was wrong and what to do about it. protocol worked... "MD" just assess data against a background of memorized information and experience..... an AI can do that ten fold with little bias..
do you understand what i'm saying??? assessing information, is what an executive does.... figure it out, its happening
I saw one independent installations contractor post a video that he was sad for those let go, & how, but understood that he & his peers would continue to be paid & supplied, PLUS new contractors and site owners, such as Walmart & "transitioning" gas stations, were already being scheduled for taking over from the old team's expansion projects. Also, that the "pudding proof" of the new deployment process would sooner than later suffice as "explanation" much better than Tesla attempting to convince the already doubting public of the veracity of their new approach.
When you operate at this scale it’s natural to “lose” some staff. Long term employees have a variety of reasons to transition. In Tesla’s case, the compensation package makes the job lucrative for what is a very high level of work effort. No one can do that forever. Totally natural.
Alas, true. New young talent also makes sense. Don't see Elon turning Tesla etc. in a legacy industry...not now. Interesting times though. ANd everyone else wants to surpass Tesla and Co.
But when Ford or Toyota lay off staff we see doom and gloom claims… go figure. Companies with shrinking sales need less staff, it isn’t rocket science.
A 10% reduction in work force is not totally natural
I admire your optimism
The share price is collapsing......the share option enticement doesn't work anymore......and NDA abound.
I can’t believe other companies don’t do this. The other example is that during a pull back good people exit and leave the dregs to believe they are the valuable assets.
It only really happened at my company after mergers. Once that post-merge laying off is done, everything gets stable and stagnant... until the next corporate acquisition.
I'm old enough to remember the shock/horror when Tesla's genius CFO Deepak Ahuja left, and his role was filled by a young un-tested whipper-snapper called Zach Kirkhorn. I won't be losing any sleep over these latest departures, this is standard for Tesla.
It's probably a healthier thing for the company too. Having someone stick around for decades leads to laziness and complacency. It only took me a few years to settle into that in my day job after getting promoted to a senior level.
Better to let the highly compensated people walk away after burning out so someone hungrier can take over for them.
Freaking young whipper snappers never have anything to offer... except they are typically more open to needed change that the old timers rarely embrace.
I think you all need to accept... This is the end 😂
Very clear and informative. Thanks Farzad.
Those guys probably were offered generous Golden Parachutes, and took advantage of them! More power to them all.
Tesla has just invited the UAW to Texas following massive layoffs. This marks Tesla's biggest blunder in its history, as they failed to establish their own workers' union that would benefit the company. Now, all Tesla workers may have second thoughts about voting for the UAW. The primary reason for bringing in the UAW is that when a worker is laid off, they have priority for recall before a new worker can be hired. I have been preaching that sooner or later the UNION will be voted in.
Q1 numbers must be _really_ bad for them to be slashing the price of FSD _and_ laying off 10% of staff in the same week! 🔥 still LONG TSLA. 🙏
And you have a choice?
Thats not how I see it. Slashing the price of FSD provides many more experienced users and miles for FSD compute. The layoff makes sense as the company is changing to a embodied AI company.
@@robertboudreau8935 Maybe, but Telsa was the company that was growing 50% yearly and Lord Elon was pretty proud of that. I don't think locating one of those interviews or vids of Musk bragging with be terribly difficult to find. Growth rate like that was never sustainable The cut may have been necessary in part because of transitory issues. However, Tesla actually does have competition today that it didn't have 5 or 6 years ago. 25% margins I don't think are happening or possible today, prices are being slashed, not because Tesla wanted to but because they had to. Playing into Toyota's low-end car territory in this environment is probably not the most prudent thing to do. The writing has been on the wall, but very few, especially in the Musketeer category would ever admit it. Tesla, IMO, desperately needs another model added to their offering, but we all know the 2 trick pony will be with us for longer than it should. What Tesla was offering 5 years ago, at least to me was mind-boggling, and yes FSD may in time prove to actually be fully autonomous but I honestly have my doubts that anything with 4 wheels interacting with 1000s of cars on any given day should be FULLY autonomous with no ability for override. The Airbus low pass disaster fortifies the necessity of human override capability. . Apparently, Musk does feel that was about SPACEX. Actually the ability to blow things is not an option. Yes the Falcons and the Dragons are fully autonomous, but there is the ability for manual intervention, in both cases. the Dragons have Astronauts that can interact with the computers if necessary, and flight controllers can blow rockets up, at least they're supposed to be able to blow rockets up if things go sideways. What's the override in the case of a "fully autonomous" driverless car?
@6:06 The increase in the _speed and agility_ of *Optimus* will mesh _hand in glove_ with the *Unboxed Process.*
Once *Tesla* makes progress in one, it will bring the other by default.
Thanks! I appreciate your perspective.
Great perspective - totally agree with you on the purpose of layoffs and turnover
We haven’t even had the Q1 earnings yet😮. Unless they are much better than forecast the stock price will keep falling.
so? doesnt really affect the company itself since they have a lot of cash and dont need to raise cash
Tesla decided this in Q4. Mass layoffs are usually determined at the end of the year.
Not worried long term, but this is absolutely a hint to save money and prepare for a buy.
Sell now, buy after the call, wait a year, be richer.
@@davis.fourohfour What if I had bought in January when the stock was around 260, do I just take the hit and keep smiling?
Like the way you pull the material together and report it on your feet. very appreciated. Thank-you…
I would love to work at Tesla. I like the company culture. Only thing is I do not know how long I could work there before I burn out 😂
I suspected the 4680 battery ramp was problematic.
It’s odd that resignations and layoffs happened on the same day. There may be some correlation. I can envision a situation where Drew took a stance to keep certain employees and Elon was against it.
Drew said on the last earnings call: "if the bot will do something *useful* ".
You could here Elon was not agreeing with him.
I guess Drew couldn't see himself in a robotics company.
I think Elon had Grok do the letter. Something like ...Grok do this for me but make it like I've got sentimental attachment.
So.... the robots going in?
Was my first thought aswell when i heard about the layoff, that automation must be going pretty well.
8/8 Elon: "90% of all our Gigafactories are now automated by Optimus Bots. Oh, and the model 2 is already running in NY and SF. They will be available for public purchase next month."
Stock price: ~To Mars~
Almost no large corp cuts less than 15% per year. There are always some workers that do not work out... News story should be: "Tesla keeps the trend of firing fewer people than the standard."
not even close
The robots were always there. Auto factories in general including not least the Tesla gigafactories are highly automated.
The robots are just industrial robots which are better for the tasks than humanoid robots.
As a Tesla owner for the past three years, whilst not a shareholder, I have a more distant perspective than you Farzad and many much closer to the company. That view point tells me that I’m in it for the distance, for the long term, because I see no other, certainly legacy, company, who comes anywhere near close enough to achieve the excellence in their commitment to research and development of the EV and its supporting infrastructure … as well as ensuring the company’s financial health, which can enable investment in future ambitious plans in the most challenging technologies.
I'm excited to see the ripple effect of this. There is a lot of talent out there that will be finding employment elsewhere and will bring their skillset with them. As sad as this is for the employees, they can spawn a lot of innovation once they land on their feet.
Most of the people cut are the worst of the company you don’t layoff your best. Trimming the fat is HARD to do as an owner/CEO but it’s necessary and the best of leaders know how to do it and have the BALLS to do it(Steve jobs & Henry ford as examples)
@zandercerlong7238 There's truth to that. However, there is a difference between reasons for firing and reasons for layoffs. As per Elon, it was due to "duplication of roles and job functions."
Their dismissal may lead to a positive impact on competiviness in the EV space as they gain employment elsewhere, or at least, one can hope.
So sad to be losing Rohan, he was very much a front man and vital in getting information out to us when we were in the dark.
Why is Rohan important to a company like that? Genuine question.
@11:11 I wrote forward and backward chaining inference engines using Object-Oriented programming back in '80s.
Once you perfect these for a given architecture ( _viz:_ a specific EV's or robot's *EGO,* ) the skill-set needed after that is _entirely different._
You need a *_Trainer_* mindset set to create the knowledge base that can build the skill set of whatever hardware you have.
I never had that mindset. I never wanted that mindset. I preferred writing the interfaces to the inference engines.
Also consider, if you have robots to do what humans do, rather than "a robot took my job", you get an early cut where they can take the down news in the media but the Optimus bots are not on the radar yet, but when they make them integrated to the lines, they can hire as needed to shore out the Optimus shortcomings. It's a smart move now rather than a bad look later "they took my job!" - South Park.
Based on your second to last comment, I'd have to reiterate, that if you cut them now, you're not cutting for bots. Which you supported in your statement. But man, if you think you can get bots to do the work, you're sitting pretty on no one to lay off for those replaced positions. Now is the time to cut early.
Thanks Farzad! Tough day for lots. I got hired for Project Advisor (Residential Energy) starting 4.22. Haven’t received an email of that not moving forward, asked recruiter today, waiting for response. Answer to Tesla moving away from push to sustainable energy - think solar/battery space has tons of growth still & highly impacts the mission of energy sustainability & security. We’ll see if I still “have a job” in a week.
Fingers crossed for you.
@@edwardhackett-jones8126 🤗 thank you! I got the job!!
*I need the stock to stay low another two months while one of my houses sells then am adding $550,000 in to Tesla stock* 😂😂😂
Surprise, news dump of robotaxi to cover for layoffs and execs leaving. Execs would not leave if such a growth spurt was happening soon via robotaxi. Misdirection is what Tesla does very well because of the Tesla superfans that see everything as positive and just run with it as if it's all happening now. It might be best to help your viewers be more grounded and possibly yourself a bit as well. Companies are for the most part self-serving above all else.
Drew had been working at Tesla for 18 years. One of the most intense companies in the world. He deserves a bloody long holiday.
Phillip.
Have been part of an elite team and it is exhausting. Hard to leave, but priorities change. Elon is a force of nature. I dread the day he pulls back.
Damn man can do no wrong huh?
you're knees looked a bit dirty. come up for air.
@bobwheeler8101 is admiring a person's ability to create/build and manifest big global changes. No need to ad hominem attacks and accusations of worshop/servitude. That sort of aggressive, impulsive and triabilistic way of acting will not serve you well in life. Narratives of constructive unity (with cultural boundaries respected) have more power and will be more impactful than the narratives you subscribe to around dustruction and tribalism/division.
Wake up and get with the program. You have more opportunities to strive for knowledge and wisdom, than 99.9% of all humans who have ever lived.
He has pulled back, he spends most if his time at Twitter and SpaceX theses days. Mostly Twitter.
Probably elon should have ran tesla instead being distracted by twitter and being some kind of right wing activist
No mention of Y inventory price-hikes.....Locally S.FL, Y's which were $5K off for several weeks are suddenly up $3-4K.
So let me get this straight.... When Stellantis, GM and Ford started doing layoffs, it was a sign they were in trouble but when Tesla does it.... They are just losing the people who wanted to leave go and the bad performers and it's a good thing?
Wow 😳
Nevermind the fact that Q1 was terrible, the stock is down 30%.... All is good right? 🙄
Yes there is a vast conspiracy no one ever criticizes Tesla but GM they get it non stop.
@@eleeter there's no conspiracy. Tough times are ahead and that's why manufacturers are laying employees off and preparing for the worst. It's pretty simple but they can't say that, otherwise people would panic. Tesla isn't immune to the current financial situation, they are in the same boat. They aren't worst off than the others, they will be fine but to try and say it's all good... B.S.
All theses execs will be fine they have a ton of stock. I’m sadder for the lower level guys who joined in the last few years.
In the book Top 5 Regrets of the Dying - people in their 4th quarter of life admit they missed their children’s youth and their partner’s companionship because of long work hours. Maybe Drew didn’t want to have those regrets in his 4th quarter so he decided to leave Tesla in his 3rd quarter of life.
Some company let's go 10% anyway. It allows for new meat. New hungry workers.
Time to buy more discounted Tesla stock!
A trim was overdue.
Elon has always been good at trimming the "fat". I think it's great
Tell that to the people that can’t provide for their families 💀
@@superiordeftrex4196 should i tell that to all the billions of people that are not employed at Tesla? I don't get it
this is not "trimming the fat". That happens every performance review, and it happened a few months ago during that review, 10% bottom performers were exited. This is about a 20% layoff because the company is not doing well.
@@superiordeftrex4196 Drew cashed out 2.2 million in shares and has 4x more on hand. I think he's fine at least.
@@Nick-lw7rj The company is doing very well. You mean the share price is not doing well. Try not to conflate the two. They can now hire more of the best talent for the coming new lines.
Elon may see the small car as low priority for a simple reason. People have small cars because there are no robotaxis. My prediction is that multiple car homes will mostly disappear.
Uggg! I don’t follow sports anymore, but Tesla loosing superstars is as painful to me as major league teams loosing their key players. However, I worked long hours under sustained pressure for many years and loved the challenge, but there does come a time when you can’t spool up for the next sustained push and the time comes to pull the rip cord. Everyone has to deal with that reality. Tesla has such a deep lineup of superstars that when one, regrettably, reaches that point, there is a reasonable chance that they have been grooming their replacement along the way. Nonetheless, they will all be greatly missed when that cord is eventually liberated. 😢😢😢
With such a young child, how blessed is he to be present with the finances to raise his children. 🙏🏽🤗☀️
Robo taxi stock up. A few days later stock down. The vibe I’m getting is it’s going down under 150. Than good news will drive it back up.
People leave companies when they are doing poorly. Not when they are doing well.
People leave companies at various times. Execs left Tesla as it was in the process of 300x-ing a few years ago. 🤷♂️
I lost my job today after only 5 days at Tesla 😭
Same here
This is a great time to load up. With the Tesla house cleaning during this pause until the next new line ramps, I think the news is working in favor of long term investors. If you have a short term mindset, well, this was a poor choice.
An even poorer mindset is to hold long!
On the bright side, we won't have to worry about the SU7 eating into any Model 3 sales. Apparently, building quality is an option. People are selling their pre-orders at a discount because the initial aspects and safety performance are abysmal.
I saw one independent installations contractor post a video that he was sad for those let go, & how, but understood that he & his peers would continue to be paid & supplied, PLUS new contractors and site owners, such as Walmart & "transitioning" gas stations, were already being scheduled for taking over from the old team's expansion projects. Also, that the "pudding proof" of the new deployment process would sooner than later suffice as "explanation" much better than Tesla attempting to convince the already doubting public of the veracity of their new approach.
Replacement of your worn out/ underperforming 10%… worst case your new hires also represent least productive but more likely at least half will filter up quickly.
Love to hear you have a baby on the way. We just lost ours in the womb 2 weeks before giving birth
I give Elon a lot of credit. He made tens of billions off Tesla. He saw this downturn coming thats why he wanted to cash out $55 billion in stock a few months ago.
He left you holding the bag
With increased efficiency comes reduction in employment, not laying off people now would be worrisome. A sign of good management, nothing else! I The need for fresh blood at the top is crucial for progress!
Would love to hear your take on the geopolitical influence that the coming conflict in Iran and Israel has on the nature of oil price to ev demand, and potential interest rate reductions. If all those things lean in Teslas advantage and robo taxi is unveiled in a good way for the company I could foresee a pretty crazy Q4 for Tesla.
Good to see you and the other perma bulls get more balanced recently. The resulting conversations are more helpful for investors. Thx!
Nobody knows if the robotaxi version is different from the compact car. The only difference may be disabling the steering wheel, which is easy to do if it is steer by wire. There may be just one car type. It can be used as both a service or as a product.
Regarding the 10% layoffs, my knee-jerk thought. Bots will hold the fire, Bots will not burn out. Will be interesting to see if within that 10% lay off the majority was factory work.😮
Optimus surge in 2025
If bots take over then who can afford the cars or afford to use robotaxis
Love to hear the spin! 🙄
Lol yup. When any other OEM does massive layoffs, it's a sign they are in trouble. Tesla does massive layoffs... Oh it's just ppl who wanted to leave or the company getting rid of bad performers.... 🤦
Farzad - “when I used to work at the company, layoffs basically happened every year and are just a healthy part of a company’s culture.” 😵💫
@@Mpr47276 except the company is very unhealthy!
I always find your point of view very informative and well thought. I’m interested in seeing what some of Teslas fan boys say about the recent news. Tesla can only grow as fast as the market and not everyone wants a Tesla. Building as many Teslas as quickly as possible and flooding the market ahead of other auto makers doesn’t always equate to sales and they are now finding that out with the market slowing down, due to numerous factors, is causing and overflow of inventory in which Tesla will need to discount in order to sell. I have no doubt they will continue to do well but the market is becoming much more competitive.
Here is why to me this is a big nothing burger. The culture at Tesla is extremely self-reliant, so what that means is that all the employees are used to taking ownership/responsibility, so I do not think that it is that difficult to replace employees, even upper management, especially considering that most Tesla employees are top of their domain. It is nothing like another company, where it is structured in an extremely hierarchical fashion, loosing an experienced upper management personnel.
A lot of employees that were let go were only there for less than 90 days. Getting an email as they were headed to work is kinda messed up. If this lay off was inevitable the company should of let the former employees know in advance.
Certainly could have been handled better.
Thanks
I think that the biggest issue for all EV companies is the fact that the us govt has been the downfall of them! Nobody should be forced to buy a ev vehicle now or in the next 10-15 years like we are being forced to! Being forced to buy anything is the biggest turn off to the consumer! The more they dictate to consumers what they have to drive the more people will resist! EV vehicles should be an option for the consumer and not a mandate to them! The American car manufacturers and the foreign car manufacturers are putting outrageous rebates on their EV vehicles because they can’t give them away! The biggest problem with GM,Ford and Toyota is the lack of range on a full charge especially in the cold weather conditions! The bottom line is that the car business is not about making the green deal people happy it’s about making the customer who buys the EV cars happy and not inconvenience them with the battery range and the time it takes to charge a EV battery when it is say less than 20% and you have to drive for a 200 mile trip right now? And my example is more plausible than not! I’m sure that the complete EV world will eventually get there but it is not there yet and that is just the fact! The best option for a stopgap until the advancement of EV charging stations and the time to charge them and the longer range of the batteries is simple! Instead of the mandate of all new vehicles sold after 2035 having to be complete EV vehicles the mandate should be that by 2035 all new vehicles must be full hybrid vehicles! And I guarantee that the problem will be solved! Full hybrid vehicles definitely increase MPG compared to the same gas version model with zero inconvenience to the customer buying them!
It’s not forcing people by offering incentives.😊
@@malcolmrickarby2313 I agree! But I have a 40 year career in the service end of the new car industry and offering a 20k dollar rebate from the manufacturer on a vehicle that has a sticker price of 65-70k dollars for our New Car EV’s is because the manufacturer can’t give them away! And most dealers have less than 6 EV’s in their inventory so it’s not like the dealers have 40 plus EV’s in the inventory! We have 2-3k dollars in rebates for our full hybrid vehicles and can’t keep them in stock! A 20k dollar rebate is simply a panic move for the manufacturer and has zero to do with having a good heart towards global warming! 20k rebate and still haven’t sold 1 this month!
Wish you would touch the Ross Gerber question, in an informed way, as a person who speaks all things Tesla.
Perpetual autophagy
Elon recently said that more money is needed to retain top A.I. talent, as other companies try to poach them. This move frees up money in that category, though they've still got over $20 Billion practically lying around. Just how Elon thinks?
"O O The best job is no job." LOL!
Congrats on 131k Subscribers, Farzad.
You can have that culture :) screw that, not needed, and does NOT work long-term. You motivate people with innovative products...which IS why tesla has the best of the best, and you have innovative products and assembly lines due to a true Engineer running the company very hands on. Good pay and a promise for retirement at some point in life also motivates. Clear objectives and clear goals with good leadership setting priorities also motivate. Worries of performances and layoffs DO NOT motivate.
Past Experience:
Engineering Manager/Production Manager/Project Engineer/Design Engineer/Manufacturing Engineer/Quality Engineer/Business Owner
:)
Every company lays of the lowest performing employees once in a while, this is a strategy that is good for company profit,
Totally agree, high work loads not sustainable long term and the pressure to perform at Tesla right now is at an all time high with FSD, CT ramp, 4680 ramp, Semi tooling and ramp and Optimus to name a few. We all want Tesla to execute but it comes at a cost.
How many of the 10% will be replaced by Optimus? Just a thought.
i'm not about to sell my shares or anything, but let's be real. executives leaving + 10% layoffs isn't Tesla "trimming the fat". it's more like Tesla "realizing it fucked up and now has to amputate a foot." regardless of whether or not it's good for Tesla long term, the influx of work that hits the remaining 90% at this critical stage is idiotic and totally avoidable if you ran things well to begin with. stop peddlng this BS of "oooo all the other braindead companies do double digit layoffs too and oooo maybe people are voluntarily being laid off because work is about to get hard ooooo."
I thought tesla was unstoppable
No, that’s bitcoin 🤣
@@magic_fruit_bat5003 lol
Who’s stopping 🤔
@@malcolmrickarby2313 they are
This really isn't a big deal. As an investor, i think it's a great sign. This probably wouldn't happen without Elon at the helm.
Are the layoffs related to costs to retain AI persons who are being actively raided by AI competitors?
Can’t spin this. Congrats to Drew and Rohan for jumping off that train wreck. People are ready to move on from Musk not Tesla!
Drew from drive unit?
But did they sell their stocks? 👀
Media will cast this as really bad news, and the down earnings I think will keep it down for a while.
All this is somehow masking the fact that FSD is no longer Beta.
Supervised Full Self Driving is as literal as a name can get.
CNBC said Tesla fired 12000 people,10%.
So many people fail to see the difference between advancing and potentially disruptive technology and Elon's futurism, which is something else. Futurism is not the investment in advancing/disruptive technology, it's the deep belief that getting the future here as soon as possible will be beneficial. Elon believes this, and I think it's kind of an article of faith. This is why he believes that a robotaxi is more important than a conventional cheaper car that would sell millions.
The big question is how far out in front of the curve this vision really is. If it's too far out in front it's a massive flop because the disruption of autonomous vehicles isn't something people are willing to embrace just yet. Most people are incredibly suspicious of self-driving cars. It will take a lot of work and some version of an educational and experiential ramp for that to change. Not sure Elon sees this. I suspect that the recent high-profile departures were along these fracture lines, namely how far out in front of the curve should you go to capture the market and be at the front of the next disruption? That's a very good question without clear answers.
Its al about passion and any business any size needs that with its workforce hence pay them well and reap the rewards
Frazad, please stop trying to always find a justification for the bad news on Tesla.
Tesla is an amazing company and I am a firm believer on the future success but we have to be objective and realistic. 2 top executives leaving the company all the sudden and 10% layoff is definitely a sign of internal issues.
I was an investor and customer then employee but not for long. Definitely flawed structures but very performant. They just do. In negative and positive ways. Growing success is the most certain outcome. But the company definitely is not really trying to fulfill a samaritan roll for the employees if you know what I mean.
On point
Need to hear from Gordon Johnson!!!
Yes for sure, but then he always says the same things every time. It's just that this time he'll be able to say "I told you so" :)
if you look back at Apple you see something similar through the years
After building 6 of the biggest factories in the world and climbing to sky high stock value and creating self driving and robots its about time thry hit a tiny speed bump
you got to remember that the way they build cars is changing. they will need less people going forward. hope everyone was well taken care of.
Funny to see people panicking about a 10% layoff. Many companies do this, especially if they have grown quickly and is very large. It’s also a good way to cull out underperformers. Also the economy is pretty shit at the moment.
Thanks, Farzad! Backing up the truck.
Does it mean a shift in the type of talent Tesla will replace with later?
It's sad to hear how normalized layoffs have become in American culture. Prior to the 80s using people to balance the books was never an option. This is the #1 thing I wish Tesla would change. The hire and fire strategy kills loyalty. Legacy automakers have been doing this a long time now and have been loosing customer loyalty every year
Harsh though it is, there are always dud employees who are ineffective and best let go. The question I have is are the right people getting laid off? When politics gets in the way the wrong people can go and the organisation goes to hell.
It’s a part of capitalism. You have to be willing to cut and restructure. It’s about being lean and flexible.
Harsh though it is, you have to wipe away the lower performers and abolish roles if they’re no longer needed.
Without that willingness the company will only ever settle at a level of mediocrity. Risking being outperformed by the competition.
i’m not sure what all the commotion is about. Sure, Tesla lost a few executives. But how is that different than any other large company in the world? Also, here is Tesla’s history over the last seven years.
2017: 700 let go
2018: 9% let go
2019: 7% let go
2022: 10% let go
2023: uncertain number let go
And what did Tesla do during that time?
2017: Model 3
2020: Model Y
2022: Tesla semi
2023: Cybertruck
Not to mention they continue to completely revamp and revolutionize the manufacturing process, along with progressing battery technology, develop NACS, create DOJO, completely overhaul FSD from lines of code to neural nets, more recently released FSD 12.3.3 supervised to all Tesla drivers, and announced the coming of robotaxis to be formally launched on August 8.
And that is an incomplete list of accomplishments during that time.
There are two reasons I see for all of this FUD. One is that there are simply many people out there who want Tesla to fail. The second is that there are many people out there trying to drive the stock price down so that more shares can be accumulated at a lower cost basis. That said, everybody needs to take a breath and realize that this is simply how Elon does business, and history tells us that Elon seems to know what he is doing.
One thing nobody seems to be considering is that as FSD improves dramatically, Teslas robot technology will improve dramatically as well. There will come a day when the combination of robots that can perform much of the manufacturing work more quickly, and at a fraction of the cost, along with artificial intelligence, which will allow the continued advancements in technology without human input, will result in Tesla needing very few actual human workers. Should we all sell our Tesla stock at that point? Or should we take out second mortgages on our homes and buy more shares? I know what I plan on doing.
Buying opportunity!
Good luck bro. Just don’t do it on margin.
Semi truck. That’s a joke man! How many have they sold?
No, good luck to you. Talk to me in five years when Tesla is well over four figures per share. It’s not about the day to day noise. It’s about how Tesla is changing the world in so many ways. But you keep trying to time the market.
when the execs are leaving there is always something else
Model y is the model 2 next years prices . They don’t have to go through the hurdle of reconstruction their plants .. just drive the cost down and model y becomes model Y junior 😊
Awesome another buying opportunity!
Tesla needs more models and the Y, S and X are dated. They need a $30,000 car, and a largish 7 seat crossover, those are big volume segments. The current model lineup is not a lineup that gets you volume, that's why sales have hit the wall.
You mean a couple of execs that have no doubt made millions decided to call it quits before robotaxi and humanoid robot come out. Maybe they are just looking for family time? 🤷🏻♂️ one of them literally
Says that. 😂
Law of commercial “physics” catching up to them. No one is immune to basic stupidness.
I wonder about those supposed Reuter leaks. Unrelated? They also seemed to lack context…
Tariffs would apply in Mexico it's a free trade partner...
Congratulations Tesla . Am happy too meeting next month be safe ooh family
Always angst with staff shakeups. Clearly Elon has always believed in trimming and then growing. It does sound like we are shifting to an all in robotaxi and bot strategy. I think we are looking at some risk and opportunity. Moving to the next phase will be not be without pain.
Question: When do you believe Teslas hiring freeze will end? I just completed a final round interview with the company 2 weeks ago and was awaiting a decision to know if I'd be hired or not. My HR recruiter said that they are pausing hiring, reassessing the scope of the role, and will keep me updated. As of this comment, almost all North American positions have been removed from their careers website.
More heartfelt layoff message 😂😂😂
Shares== freedom
With share options maybe some just realised they could retire rich enough.