TECH - Tesla Cuts More Jobs In China As Competition Heats Up | Benzinga
Tesla Inc (NASDAQ:TSLA) faces escalating job cuts in China as it contends with pressure to regain market share in the world's largest auto market.
Additional layoffs have commenced this week, following cuts in mid-April, part of a global initiative to reduce headcount by over 10%, reported Bloomberg.
The latest round of layoffs affects various departments, including customer service, engineering, production, and logistics at Tesla's Shanghai plant, responsible for over half of the company's global production. Last month’s layoffs primarily targeted sales representatives.
It remains uncertain how many individuals will be impacted and the implications for Tesla's China operations.
A slump in global electric vehicle (EV) demand has prompted Tesla’s largest layoffs to date. However, the impact is notably pronounced in China, where stiff competition from rivals like BYD Company. (OTC: