ELECTRIC carmaker Tesla has announced it will be axing thousands of jobs after its “most challenging” year in history. Here’s what we know about the car maker and why its fortunes have taken a turn. What is Tesla’s share price? On January 18, 2019, stocks slumpedafter Tesla announced it was laying off seven per cent of its work force – equating to 3,150 employees. The manufacturer also reported a “tiny” profit, scaring investors further. On the same day as the announcement, Tesla shares fell by 5.35 per cent on a premarket volume of over 770,000 shares. Tesla shares fell 13 percent by the end of trading Friday. Why is Tesla cutting jobs? Tesla is cutting its full-time staff by seven per cent, Elon Musk announced on Friday. Despite ramping up production of its mid-market Model 3 car, CEO Elon Musk said its products were still too expensive for most people. The car giant also reported a “tiny” profit for the last quarter – despite 2018 being Tesla’s “most successful” yet. Musk emailed his employees, saying: ”This quarter will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit. “However, starting around May, we will need to… Read full this story
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