Elon Musk Announces Senior Management Exits, More Layoffs at Tesla for Cost Reduction
Elon Musk is reportedly letting go of more senior staff and hundreds of employees at Tesla following a recent round of layoffs that affected 10% of its global workforce.
The CEO of Tesla, Musk, mentioned the need to "reorganize" the company after registering a net profit of $1.13 billion in the first quarter of 2022, down from $2.51 billion the previous year.
According to The Information, Musk is thinning his senior management team, with Rebecca Tinucci, senior director of Tesla's Supercharger group, and Daniel Ho, head of new products, leaving the company.
Elon Musk, the CEO of Tesla, has emphasized the need for cost reduction and reducing headcount at the company.
Tesla recently laid off over 10% of its workforce.
Musk has expressed concern about the global EV adoption rate being under pressure and other automakers shifting towards plug-in hybrids instead.
However, Musk believes that electric vehicles will ultimately dominate the market.
Musk recently visited China but Tesla has yet to comment on a report regarding the layoffs in China.