Tesla is facing significant challenges in China, with a reported 18% drop in shipments from its Shanghai factory in April, despite a 33% increase in the overall market for new energy vehicles (NEVs). This downturn has prompted Tesla to escalate job cuts across various departments at its Shanghai plant, which is a critical hub for its global production. The cuts have affected customer service staff, engineers, production line workers, and the logistics team. Amidst these challenges, Tesla's former Asia head has been sent back to China in an attempt to address the declining sales. Additionally, Tesla's head of product launches, Rich Otto, has resigned after seven years with the company, citing the recent mass firings that negatively impacted morale. Tesla's total global deliveries were also down approximately 9% year-over-year.
Tesla woes mount on new China reports, EV probe https://t.co/9FEj03TAPU
$TSLA's firing spree spreading across virtually all geographic regions, pulling back on key growth initiatives across the board except the robotaxi stock pump (lol), and now liquidating land reserved for future super-charging locations. Why does a company that reported $26…
"$TSLA has been particularly acute in China, where intense competition from rivals like BYD and weak consumer sentiment is hurting sales. Shipments from its Shanghai factory dropped 18% in Apr even as the overall market for NEVs grew 33%." https://t.co/gJ0iQ9j4Y0 https://t.co/xsLQF6r1Ao
Tesla loses another manager to layoffs - but this one quit due to morale https://t.co/7HSIQZQsJg
Tesla product-launch chief quits, saying Musk has skewed a crucial balance https://t.co/2OU4kPSjeW
Tesla’s head of product launches quits after seven years—and takes a swipe at Elon Musk on his way out the door https://t.co/XXa0P3gRlf
Is the electric car bubble about to burst? Ford posted a $1.3 billion loss in Q1 & profitability is nowhere in sight. Tesla's total global deliveries were down ~9% year-over-year & it recently fired the entire supercharger team. https://t.co/DFvvkcWLHo
Tesla executive says he's resigned as recent layoffs hurt morale and throw the company 'out of balance' https://t.co/Aiw2iDF4PD
Tesla’s China job cuts speed up as Elon Musk faces pressure to win back share in world’s biggest auto market. https://t.co/BGQVhMbxbt
China’s overcapacity in EVs, or rather underconsumption. Lower domestic consumption, leading to EV capacity underutilisation, manufacturers turning to EV exports, expect further industry consolidation. Big countries with big auto industries will be likely to push back harder,… https://t.co/qpT4A9ji55
$tsla cuts workforce in China I heard people say massive demand in China - if so why job cut? https://t.co/B5XITEz3sT.
“.. The latest move affects a range of departments including customer service staff, engineers, production line workers, and the logistics team at Tesla’s Shanghai plant — home to more than half the company’s global production ..” @business $TSLA https://t.co/Kg0kMkWnIZ https://t.co/RdelOv9qvc
$TSLA TESLA ESCALATES CHINA JOB CUTS WITH MORE LAYOFFS THIS WEEK
But, but, the stock had a big up day because Elon went to China... Tesla raises layoff numbers in China - Bloomberg
Tesla’s job cuts are escalating in China, sources say, as Elon Musk contends with growing pressure to win back share in the world’s biggest auto market https://t.co/o9RlXqNigx
$TSLA | Tesla Ramps Up Job Cuts In China As Sales Slowdown Bites - BBG https://t.co/cFEZFPOKYk
"Tesla's Head Of Product Launches Departs After Feeling EV Giant Took 'Pound Of Flesh' Amid Mass Firings: 'It's Hard To See The Long Game" https://t.co/y8BTM1xJ3K When you're not launching any new products, you don't need a "head of product launches." $TSLA is in runoff mode.
Rich Otto, Head of Product Launches at Tesla, is leaving the company after seven years following the firing of the entire Supercharger team, which negatively impacted morale. Source: https://t.co/e9gPPBJeVk https://t.co/nSpUVbm6kB
$TSLA ’s #China competition keeps rolling out new models. #Tesla is done in #China, it’s house of cards leaning. #Chinese #EV maker #Nio to launch its lower-priced brand Onvo on May 15 @CNBC https://t.co/kLRTvOyEBt
Tesla sends its former Asia head back to China as sales of its Shanghai-made EVs plunged 18% in April. https://t.co/qk52rrpFfE
"#Tesla's shipments from its Shanghai factory dropped year-on-year in April despite growth in the overall market for EVs, another sign of the pressure Elon Musk’s company is under in #China’s hyper competitive automobile sector" https://t.co/sQTLH0A6X1
Tesla clearly having an increasingly hard time competing against local brands in China. In April deliveries of NEVs overall were up 33% year on year in China but Tesla was down 18%. A key reason why you hear about "overcapacity": the West knows that if China starts exporting… https://t.co/lWhWa5QnHI https://t.co/loSxl3UEjx