Shares of US giant Tesla plunged more than 9% on Friday, following news that CEO Elon Musk is planning to…Freezing employment and reducing the workforce by regarding 10% in the giant company Which produces electric cars, which spread an atmosphere of pessimism regarding the company’s performance and its future.
Financial researchers have lowered their estimates of Tesla vehicle delivery, citing the effects of strict lockdowns caused by the “Covid 19” epidemic that hampered production at the Tesla factory in Shanghai.
A report published by the American network “CNBC” and seen by “Al Arabiya.net” said that Musk sent an email late Thursday to Tesla executives, saying that he had a “very bad feeling” regarding the economy and called to lay off jobs.
This information came on the heels of news that Musk had asked all Tesla and SpaceX employees to stop working remotely and return to work in the main office for at least 40 hours a week.
According to its annual financial profile, Tesla and its subsidiaries employed 99,290 people worldwide by the end of last year 2021.
Tesla shares are down more than 25% this year amid a broad tech sell-off.
Like other automakers, Tesla has been dealing with parts shortages and supply chain problems exacerbated by the ongoing coronavirus pandemic and Russia’s invasion of Ukraine.
CNBC says that Tesla is also trying to recover from the impact of the strict Corona lockdowns in Shanghai, where its factory is located in China, which has significantly hampered production of its cars.
On Friday, equity researchers cut their estimates for second-quarter delivery for Tesla, taking into account the effects of China.
“China is Tesla’s most profitable hub, so we expect a loss of 50,000 to 60,000 vehicles that also dents profitability that will be exacerbated by mounting challenges,” Coin Managing Director and Senior Research Analyst Jeffrey Osborne wrote in a note on Friday.
Tesla was aiming to increase vehicle sales by 50% in 2022, and Osborne wrote: “We expect Tesla to flag challenges in achieving its stated goal of nearly 50% delivery growth in 2022. We now expect 1.28 million vehicles for this. year, compared to 1.35 million previously.
