19:50:04 EDT Fri 03 May 2024
Enter Symbol
or Name
USA
CA



Tesla Inc CDRs (CAD Hedged)
Symbol TSLA
Shares Issued 21,400,000
Close 2024-04-15 C$ 14.87
Market Cap C$ 318,218,000
Recent Sedar Documents

Globe/NYT say Telsa to slash work force by 10%

2024-04-16 07:58 ET - In the News

The Globe and Mail reports in its Tuesday edition that signs of turmoil at Tesla multiplied Monday after the electric-car company told employees it would lay off more than 10 per cent of the work force to cut costs and two senior executives resigned. A New York Times dispatch to The Globe says that job cuts, amounting to about 14,000 people, come as the company faces increasing competition and declining sales. Chief executive officer Elon Musk has not outlined a plan to reverse a decline in car sales, and he appears focused on long-shot ventures such as a self-driving taxi rather than new models that would help Tesla compete with new rivals from China. Mr. Musk told employees in an e-mail, "There is nothing I hate more, but it must be done." Hours after that e-mail, Drew Baglino, a senior vice-president who has played a big role in the company's rise from start-up to dominant electric carmaker, said he had resigned. Mr. Baglino may have been blamed for some of Tesla's recent troubles, said Gary Black at the Future Fund, an investment firm. "Someone has to take the fall for the sharp deceleration in deliveries growth, near record inventories, and declining margins and it wasn't going to be Elon," Mr. Black said on X.

© 2024 Canjex Publishing Ltd. All rights reserved.