LAST UPDATE: 23.25
Tesla shares fell more than 9% on Friday, after the news that the CEO of the company, Elon Musk, plans to freeze recruitment and reduce staff by 10%, according to an email sent to its executives, and came into its possession. Reuters.
In the e-mail, Musk said he had an “extremely bad feeling” about the economy and talked about job cuts.
According to CNBC, this news came after the publication that Musk demands from all employees of Tesla and SpaceX to stop working remotely and come to the offices for at least 40 hours a week.
According to official documents submitted to regulators annually, Tesla and its subsidiaries employed 99,290 people worldwide at the end of 2021.
Tesla’s share has fallen more than 25% so far this year, amid a wider sell-off in the technology industry.
Like other automakers, Tesla is facing spare parts shortages and supply chain disruptions, which are being exacerbated by the pandemic and the war in Ukraine.
Meanwhile, Tesla is also trying to recover from the impact of the severe coronavirus lockdown in Shanghai, where its plant is located in China, which has severely affected its vehicle production.
Cowen analysts also cut their estimates for Tesla’s second-quarter deliveries due to the implications from China.
Cowen CEO and senior analyst Jeffrey Osborne said on Friday: “China is Tesla’s most profitable facility, so we see the loss of about 50,000 to 60,000 vehicles putting pressure on profitability, which will be exacerbated by the challenges of growth. production in Berlin and Austin for the Model Y “. Tesla’s new plant outside Berlin opened in March and began increasing production in May.
Cowen also expects Tesla to lower its forecast for the year, while aiming to increase vehicle sales by 50% by 2022. Osborne said: “We expect Tesla to highlight the challenges in meeting its growth target. deliveries by about 50% in 2022. We now forecast 1.28 million vehicles for the year compared to 1.35 million previously expected.
In addition to his concerns about Tesla, Musk is also in the middle of a deal to buy Twitter for $ 54.20 a share, or about $ 44 billion. As Tesla shares plunge, so do some of Musk’s capital resources.
Source: Capital
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