Tesla announces plans to cut 400 jobs in Germany
Tesla Motors Inc
$242.84
13:09 04/11/24
Tesla is set to trim around 400 positions at its German gigafactory near Berlin, it emerged on Tuesday, accounting for 3% of the factory's total workforce.
Nasdaq 100
19,963.60
12:15 04/11/24
The company said the move aimed to be executed through voluntary measures, steering clear of compulsory layoffs.
Tesla’s broader global initiative was targeting over 10% of its workforce, making the reduction in Germany comparatively milder.
The company said the challenges posed by a softening sales market for electric cars had led to ongoing discussions with the plant's works council.
According to Reuters, the Gruenheide site, which employs over 12,000 people, previously disclosed plans to release approximately 300 temporary workers as part of its global downsizing efforts.
The announcement of job cuts in Germany preceded the release of Tesla's first-quarter results, expected later in the global day on Tuesday.
Reporting by Josh White for Sharecast.com.