Latest News

Stocks in Play

Dividend Stocks

Breakout Stocks

Tech Insider

CAD Daily Briefing

US Markets

Stocks To Watch

The Week Ahead



Commodity News

Metals & Mining News

Crude Oil News

Crypto News

M & A News


OTC Company News

TSX Company News

Earnings Announcements

Dividend Announcements

Tesla Lays Off 200 Workers And Closes Autopilot Facility

Electric vehicle maker Tesla (TSLA) is laying off 200 workers and closing its Autopilot facility in
California as part of a company-wide workforce reduction.

The majority of the 200 staff being let go by Tesla were data annotation specialists, and the
roles included both salaried and contract positions. The California Autopilot office had about 350
employees total, some of whom are being transferred to other areas of the company.

The cuts are part of Tesla’s efforts to reduce its salaried staff as the company adjusts to higher
interest rates that are cooling demand for its electric vehicles.

The company, which is based in Austin, Texas, had grown to about 100,000 employees globally
as it built new factories in Austin and Berlin, Germany last year.

Chief Executive Officer (CEO) Elon Musk said earlier this month that layoffs are needed in an
increasingly difficult economic environment. Specifically, he said 10% of salaried employees
would lose their jobs over the next three months.

Tesla’s Autopilot feature has come under investigation following several high-profile crashes
across the U.S. The company has been forced to make several changes to its Autopilot system
following those accidents.

Tesla’s stock is down 42% year to date at $697.99 U.S. per share. The company is in the
process of splitting its stock on a 3-for-1 basis later this year.