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Elon Musk Continues to Lay Off Employees at Tesla Amid Falling Sales

Published: 30 April 2024 at 09:08

Business

Elon Musk is thinning his senior management team and laying off hundreds more employees at Tesla, including dismissing two senior executives - Rebecca Tinucci and Daniel Ho. These layoffs are part of Musk's strategy for cost reduction as Tesla faces falling sales and increasing competition from Chinese rivals like BYD. The company recently reported a 9% year-over-year revenue drop and delivered 20.1% fewer cars in the first quarter of 2024.

DEEP DIVE


Elon Musk Calls for "Complete Organizational Overhaul" at Tesla


Tesla CEO Elon Musk believes the company needs to undergo a "complete organizational overhaul" every half decade to advance. Following reports of mass layoffs cutting over 10% of staff, Musk cited the need to eliminate role duplication due to rapid growth. The layoffs also coincide with the departure of two veteran executives. Musk expressed concerns about declining sales and rising competition from Chinese automakers like BYD, emphasizing the need for change to stay competitive. Tesla employs over 140,000 globally.

Tesla Suffers Biggest Revenue Drop in Over a Decade and Announces 6,000 Job Cuts


Tesla experienced a 9% drop in revenue, the largest since 2012, with profits decreasing by 55%. The company plans to lay off 6,020 employees in Texas and California as part of global workforce reductions. Despite production and sales challenges, Tesla aims to launch more affordable vehicles and remains a leading EV seller globally. Amidst internal turmoil, including a 45 billion pay deal for CEO Elon Musk, Tesla faces slowing demand and increased competition, particularly from Chinese electric car makers. Musk highlighted Tesla's job creation efforts in California amidst the layoffs.

Investor concerns grow as Elon Musk juggles multiple companies, raising questions about his focus on Tesla


Investors are becoming increasingly concerned about Elon Musk's involvement in multiple companies like Tesla, Space X, Twitter, Neuralink, and more, leading to doubts about his focus on Tesla. Recent issues at Tesla, including a decline in sales and layoffs, have raised worries among investors. Despite Musk's success and autonomy in managing various ventures, the pressure may mount for him to prioritize Tesla or show increased commitment to the company.

Tesla's Stock Plummets Below $150 Amidst Falling Sales and Job Cuts


Tesla's stock dropped below $150 per share, erasing gains from the past year due to declining sales and job cuts. The company's shares are down 12.4% for the week and over 39% for the year. Tesla also announced a 10% global workforce reduction of about 14,000 jobs and plans to reinstate Elon Musk's $56 billion pay package that was previously rejected by a Delaware judge. Analysts describe the first quarter sales numbers as an 'unmitigated disaster' amidst increased competition and slowing electric vehicle sales growth.

Tesla Reports First Annual Sales Drop Since Pandemic Onslaught


Tesla faced its first annual drop in sales attributed to increased competition in the electric vehicle market from both Chinese and Western automakers. The company built 433,000 vehicles but delivered only 387,000, down from 484,507 deliveries in the prior quarter. Price cuts to combat competition have squeezed profit margins, leading to a 5% drop in stock price. Tesla lost its title as the world's best-selling EV maker to Chinese BYD. Production issues at Fremont and disruptions in shipping routes also contributed to the decline. Analysts expected sales between 414,000 and 440,000 vehicles for the quarter.

Tesla to seek approval for $45 billion pay deal for Elon Musk


Tesla is seeking shareholder approval for a $45 billion pay deal for its billionaire CEO Elon Musk, which was initially struck down in court due to Musk's influence over the board. Despite the court's decision, Tesla's chairman is urging investors to support the deal and consider moving the company's state of incorporation from Delaware to Texas. The pay package, set in 2018, is aimed at keeping Musk incentivised, who does not receive a salary but is worth an estimated $143 billion.

Tesla seeks shareholders' approval for $56bn pay package for Musk after court rejection


Tesla, led by Chair Robyn Denholm, is asking shareholders to reapprove a $56 billion pay package for CEO Elon Musk after it was initially rejected by a US judge. Denholm stated that the board supports the original deal, believing in big risks for big rewards. Shareholders will also vote on relocating Tesla's corporate home to Texas. The company recently faced challenges with falling vehicle deliveries and share prices. Musk's compensation package was voided in January, with legal experts questioning Tesla's attempt to restore it through a shareholder vote.

Tesla, Inc. (Wikipedia)


Tesla, Inc. ( TESS-lə or TEZ-lə) is an American multinational automotive and clean energy company headquartered in Austin, Texas, which designs, manufactures and sells electric vehicles, stationary battery energy storage devices from home to grid-scale, solar panels and solar shingles, and related products and services.Tesla was incorporated in July 2003 by Martin Eberhard and Marc Tarpenning as Tesla Motors. The company's name is a tribute to inventor and electrical engineer Nikola Tesla. In February 2004 Elon Musk joined as the company's largest shareholder and in 2008 he was named CEO. In 2008, the company began production of its first car model, the Roadster sports car, followed by the Model S sedan in 2012, the Model X SUV in 2015, the Model 3 sedan in 2017, the Model Y crossover in 2020, the Tesla Semi truck in 2022 and the Cybertruck pickup truck in 2023. The Model 3 is the all-time bestselling plug-in electric car worldwide, and in June 2021 became the first electric car to sell 1 million units globally. In 2023, the Model Y was the best-selling vehicle, of any kind, globally.Tesla is one of the world's most valuable companies. In October 2021, Tesla's market capitalization temporarily reached $1 trillion, the sixth company to do so in U.S. history. In 2022, the company led the battery electric vehicle market, with 18% share. As of 2023, it is the world's most valuable automaker. Also in 2023, the company was ranked 69th in the Forbes Global 2000.Tesla has been the subject of lawsuits, government scrutiny, and journalistic criticism, stemming from allegations of whistleblower retaliation, worker rights violations, product defects, and Musk's many controversial statements.

Elon Musk Claims Tesla's Optimus Robots Could Be More Valuable Than Everything Else Combined


Elon Musk expressed optimism about Tesla's humanoid robot project, stating that the Optimus robots could be more valuable than all other assets combined. Tesla aims to have the robots in limited production in its factories by the end of the year and potentially available for external sale by next year. Despite the robot project, Tesla faces financial challenges with a 9% decline in quarterly revenue and a 20.1% decrease in car deliveries in the first quarter of 2024, resulting in the company's worst quarterly performance since 2022.

Tesla Clears Key Hurdles in China for Full-Self Driving Features with Baidu Partnership


Tesla Inc partners with Chinese tech giant Baidu Inc for mapping and navigation functions to support its Full-Self Driving (FSD) features, while also passing data-security requirements in China. CEO Elon Musk's visit to China resulted in the approval to launch FSD in the country, addressing revenue decline concerns. Tesla's market share in China has decreased to 6.7% in the fourth quarter of 2023 from 10.5% in the first quarter of the same year, facing competition from domestic EV makers like BYD Co.

Tesla and BYD Battle Stalling Electric Car Demand in China


BYD and Tesla faced weak first-quarter sales in China as demand for electric cars globally appears to be slowing, with China's Passenger Car Association projecting a 25% increase in new-energy vehicle sales to 11 million this year, a drop from last year's 36% growth. Tesla's market share in China has decreased to around 7% as local rivals like BYD offer cheaper options. Tesla's decision to hold prices steady has backfired, leading to missed delivery forecasts. Analysts are lowering price targets for Tesla amid declining demand worldwide.

Elon Musk (Wikipedia)


Elon Reeve Musk (; EE-lon; born June 28, 1971) is a businessman and investor. He is the founder, chairman, CEO, and CTO of SpaceX; angel investor, CEO, product architect, and former chairman of Tesla, Inc.; owner, executive chairman, and CTO of X Corp.; founder of the Boring Company and xAI; co-founder of Neuralink and OpenAI; and president of the Musk Foundation. He is one of the wealthiest people in the world, with an estimated net worth of US$213 billion as of February 2024, according to the Bloomberg Billionaires Index, and $210 billion according to Forbes, primarily from his ownership stakes in Tesla and SpaceX.A member of the wealthy South African Musk family, Elon was born in Pretoria and briefly attended the University of Pretoria before immigrating to Canada at age 18, acquiring citizenship through his Canadian-born mother. Two years later, he matriculated at Queen's University at Kingston in Canada. Musk later transferred to the University of Pennsylvania, and received bachelor's degrees in economics and physics. He moved to California in 1995 to attend Stanford University, but dropped out after two days and, with his brother Kimbal, co-founded online city guide software company Zip2. The startup was acquired by Compaq for $307 million in 1999, and that same year Musk co-founded X.com, a direct bank. X.com merged with Confinity in 2000 to form PayPal.In October 2002, eBay acquired PayPal for $1.5 billion, and that same year, with $100 million of the money he made, Musk founded SpaceX, a spaceflight services company. In 2004, he became an early investor in electric vehicle manufacturer Tesla Motors, Inc. (now Tesla, Inc.). He became its chairman and product architect, assuming the position of CEO in 2008. In 2006, Musk helped create SolarCity, a solar-energy company that was acquired by Tesla in 2016 and became Tesla Energy. In 2013, he proposed a hyperloop high-speed vactrain transportation system. In 2015, he co-founded OpenAI, a nonprofit artificial intelligence research company. The following year, Musk co-founded Neuralink—a neurotechnology company developing brain–computer interfaces—and the Boring Company, a tunnel construction company. In 2022, he acquired Twitter for $44 billion. He subsequently merged the company into newly created X Corp. and rebranded the service as X the following year. In March 2023, he founded xAI, an artificial intelligence company.Musk has expressed views that have made him a polarizing figure. He has been criticized for making unscientific and misleading statements, including COVID-19 misinformation and antisemitic conspiracy theories. His ownership of Twitter has been similarly controversial, being marked by the laying off of a large number of employees, an increase in hate speech and misinformation and disinformation on the website, as well as changes to Twitter Blue verification. In 2018, the U.S. Securities and Exchange Commission (SEC) sued him, alleging that he had falsely announced that he had secured funding for a private takeover of Tesla. To settle the case, Musk stepped down as the chairman of Tesla and paid a $20 million fine.

Elon Musk's Trip to Beijing Focuses on Tesla's Full Self-Driving Technology Launch in China


Elon Musk visited China to discuss the rollout of Tesla's Full Self-Driving technology, with Baidu granting Tesla access to mapping licenses. This move is crucial for Tesla's market expansion in China, countering a tumultuous year with stock down 23%. Musk's visit focused on strengthening Tesla's EV footprint in the competitive Chinese market, as China seeks US partnerships amidst trade tensions. The trip highlights China's support for Tesla, contrasting with Musk's postponed India visit. FSD approval marks a significant milestone for Tesla's growth strategy, enhancing its position in China's booming EV industry.

Tesla Cuts Prices on Full Self Driving System and Multiple Car Models


Tesla has reduced the price of its Full Self Driving system from $12,000 to $8,000, which still requires driver supervision. The company also slashed $2,000 off three of its models in the United States, including the Model Y, Model X, and Model S, while keeping prices consistent for the Model 3 and Cybertruck. Despite Elon Musk's 2019 promise of robotaxis by 2020, human supervision is still necessary. Teslas stock price fell below $150 per share, leading to a 40% drop in stock value this year due to declining sales and heightened competition.

Watch: Elon Musk’s big plans for xAI include raising $6 billion


TechCrunch recently broke the news that Elon Musks xAI is raising $6 billion at a pre-money valuation of $18 billion. The deal hasnt closed yet, so the numbers could change. But it sounds like Musk is making an ambitious pitch to investors about his 10-month-old startup a rival to OpenAI, which he also co-founded and is currently suing for allegedly abandoning its initial commitment to focus on the good of humanity over profit. You may be wondering: Doesnt Musk have enough companies already? Theres Tesla, SpaceX, X (formerly Twitter), Neuralink, The Boring Company ..

History of Tesla, Inc. (Wikipedia)


Tesla, Inc., an electric vehicle manufacturer and clean energy company founded in San Carlos, California in 2003 by American entrepreneurs Martin Eberhard and Marc Tarpenning. The company is named after Serbian-American inventor Nikola Tesla. Tesla is the world's leading electric vehicle manufacturer, and, as of the end of 2021, Tesla's cumulative global vehicle sales totaled 2.3 million units.

Twitter under Elon Musk (Wikipedia)


Elon Musk completed his acquisition of Twitter in October 2022; Musk acted as CEO of Twitter until June 2023 when he was succeeded by Linda Yaccarino. Twitter was then rebranded to X in July 2023. Initially during Musk's tenure, Twitter introduced a series of reforms and management changes; the company reinstated a number of previously banned accounts, reduced the workforce by approximately 80%, closed one of Twitter's three data centers, and largely eliminated the content moderation team, replacing it with the crowd-sourced fact-checking system Community Notes.In November 2022, Twitter then began offering paid verification checkmarks, followed by removing legacy verification. In December, the Twitter Files were released and a number of journalists suspended from the platform. The following year, a variety of further changes were made; API access restrictions, developer agreements updated, transgender hate conduct policies relaxed, new phrases and 'slurs' banned, and news headlines removed from posts. Temporary measures also occurred; media outlets were labeled as "state-affiliated" causing controversy, restrictions to viewing tweets and sending direct messages, as well as links to specific external websites blocked and delayed. One year after Musk's acquisition, active user engagement on the mobile app had declined 16% and the value of the company is estimated to be down between 55% and 65%, below the acquisition price of $44 billion.After stepping down to CTO, Musk remained the subject of widespread criticism over viral misinformation and disinformation, an increase in hate speech such as anti-LGBT rhetoric, as well as a number of antisemitism controversies. In response to certain claims, X Corp. has served lawsuits against nonprofit organizations Media Matters and the Center for Countering Digital Hate for their analysis. Musk has defended the approach to content moderation as "freedom of speech, not freedom of reach", previously describing the platform as having liberal bias. Musk has described X as a "digital town square", with the vision of becoming an "everything app". Commentators have described it as a "free speech free-for-all", "free-for-all hellscape", and as a right-wing social network. The platform has otherwise gained favorable attention from conservatives and Republicans.

Exclusive-Elon Musk heading to China for visit to Tesla's second-biggest market, sources say


SHANGHAI (Reuters) - Tesla CEO Elon Musk was on a flight heading to Beijing on Sunday to kick off a surprise trip in the electric vehicle maker's second-biggest market, according to two people with knowledge of the matter. Musk is seeking to meet senior Chinese officials in Beijing to discuss the rollout of Full-Self Driving (FSD) software in China and to obtain approval to transfer data collected in the country abroad to train algorithms for its autonomous driving technologies, one of the people said. Tesla has since 2021 stored all data collected by its Chinese fleet in Shanghai as required by Chinese regulators and has not transferred any back to the United States. The U.S.

Acquisition of Twitter by Elon Musk (Wikipedia)


Business magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. on April 14, 2022, and concluded it on October 27, 2022. Musk had begun buying shares of the company in January 2022, becoming its largest shareholder by April with a 9.1 percent ownership stake. Twitter invited Musk to join its board of directors, an offer he initially accepted before declining. On April 14, Musk made an unsolicited offer to purchase the company, to which Twitter's board responded with a "poison pill" strategy to resist a hostile takeover before unanimously accepting Musk's buyout offer of $44 billion on April 25. Musk stated that he planned to introduce new features to the platform, make its algorithms open-source, combat spambot accounts, and promote free speech.In July, Musk announced his intention to terminate the agreement, asserting that Twitter had breached their agreement by refusing to crack down on spambot accounts. The company filed a lawsuit against Musk in the Delaware Court of Chancery shortly thereafter, with a trial scheduled for the week of October 17. Weeks before the trial was set to begin, Musk reversed course, announcing that he would move forward with the acquisition. The deal was closed on October 27, with Musk immediately becoming Twitter's new owner and CEO. Twitter was taken private and merged into a new parent company named X Corp. Musk promptly fired several top executives, including previous CEO Parag Agrawal. Musk has since proposed several reforms to Twitter and laid off half of the company's workforce. Hundreds of employees then resigned from the company after Musk issued an ultimatum demanding they commit to "extremely hardcore" work. Linda Yaccarino was appointed CEO of X Corp. In June 2023, the Twitter service was rebranded as X.Reactions to the buyout were mixed, with praise for Musk's planned reforms and vision for the company, particularly his calls for greater free speech, but criticism over fears of a potential rise in misinformation and disinformation, harassment, and hate speech on the platform. Within the United States, conservatives have largely supported the acquisition, while many liberals and former Twitter employees have voiced concerns about Musk's intentions. Since becoming owner, Musk has faced backlash for his handling of the company and account suspensions, including the December 2022 suspensions of ten journalists.

Views of Elon Musk (Wikipedia)


Elon Musk is the CEO or owner of multiple companies including Tesla, SpaceX, and X Corp, and has expressed many views on a wide variety of subjects, ranging from politics to science.Within the context of American politics, Musk has said he supported Barack Obama in 2008 and 2012, Hillary Clinton in 2016, and Joe Biden in 2020. In 2022, Musk said he would start voting for Republican Party candidates, with him showing support for Vivek Ramaswamy in the 2024 Republican presidential primaries. He has stated support for universal basic income, gun rights, freedom of speech, a tax on carbon emissions and opposes government subsidies. He is also a critic of short-selling.Musk has expressed concern about issues such as artificial intelligence (AI), climate change and population decline. He has also criticized COVID-19 lockdowns, public transportation, and labor unions. He has promoted conspiracy theories, and made controversial statements that have led to accusations of antisemitism, support of white pride and transphobia. His views on international relations, including on the China-Taiwan and Russia-Ukraine conflicts, have received mixed reactions.

Tesla's Gigafactory Outside Austin Granted Exemption from Environmental Regulations Thanks to New State Law


Tesla's massive gigafactory outside Austin, Texas, will no longer have to follow local environmental regulations due to a recent state law, allowing the company to develop its 2,500-acre property without strict city restrictions. The exemption was made possible by a law that came into effect in September, permitting landowners to request removal from city regulations for development purposes. Despite Elon Musk's promise of an 'ecological paradise,' Tesla has faced environmental regulation violations in the past, including a recent hazardous waste mishandling lawsuit settlement in California.

Local Chinese authorities remove restrictions on Tesla cars in Beijing after passing data security requirements


Local Chinese authorities in Beijing have lifted restrictions on Tesla cars after the company's China-made vehicles passed the country's data security requirements. Tesla CEO Elon Musk met with Chinese Premier Li Qiang during the city's first major auto show in four years. Amid concerns about data collection, Teslas along with vehicles from BYD, Lotus, Nezha, Li Auto, and Nio also passed Chinas data security rules, covering cars released in 2022 and 2023. The rules include anonymizing facial recognition data, not default collecting cockpit data, processing data inside cars, and notifying users of personal information processing.

US auto safety agency investigates Tesla's Autopilot recall


The National Highway Traffic Safety Administration is investigating Tesla's December recall of over 2 million vehicles for Autopilot issues, concerned about drivers not paying enough attention. The agency found evidence of post-recall crashes and updates not included in the fix. Tesla reported 20 crashes post-recall. NHTSA will assess the recall's effectiveness in addressing driver misuse and confusion. Tesla allows owners to opt in or reverse parts of the remedy.

Elon Musk's Net Worth Rises Significantly in a Week Due to Tesla Stock Rally and SpaceX's Growth


Elon Musk's net worth has surged by $37.3 billion in a week, reaching $201.5 billion, primarily driven by a Tesla stock rally following approval for its driver-assistance system in China and plans for a new affordable car. Musk, the world's third-richest person, also benefited from SpaceX's 40% increase in value. Despite facing challenges such as a compensation package vote and a legal battle over social media posts, Musk's wealth has rebounded notably.

Tesla Model Y (Wikipedia)


The Tesla Model Y is a battery electric mid-size crossover SUV produced by Tesla, Inc. since 2020. The vehicle was presented in March 2019 as the company's fifth production model since its inception after the Roadster, Model S, Model X and Model 3.After its 2019 introduction, the Model Y started production at the Fremont Factory in California, US in January 2020. Production at Giga Shanghai, China was added in December 2020, and at Giga Texas, US since late 2021. Deliveries from Giga Berlin, Germany started in March 2022.The Model Y is based on the Model 3 sedan, with around 76 percent of parts being shared between the two. While most Model Y are configured with two-row seating, in the US the Model Y offers optional third-row seats for a seven-passenger seating capacity.In 2023, Tesla delivered 1.2 million Model Ys, making it the world's best-selling vehicle that year, surpassing Toyota Corolla and becoming the first electric vehicle to claim that title. With at least 2.16 million units delivered since its start of production up to December 2023, the Model Y is also the most popular electric vehicle of all time.

Wealth of Elon Musk (Wikipedia)


Elon Musk made $175.8 million when PayPal was sold to eBay in October 2002. He was first listed on the Forbes Billionaires List in 2012, with a net worth of $2 billion. He is the founder, chairman, CEO, and CTO of SpaceX; angel investor, CEO, product architect, and former chairman of Tesla, Inc.; owner, executive chairman, and CTO of X Corp.; founder of the Boring Company and xAI; co-founder of Neuralink and OpenAI; and president of the Musk Foundation. He is one of the wealthiest people in the world, with an estimated net worth of US$232 billion as of December 2023, according to the Bloomberg Billionaires Index, and $182.6 billion according to Forbes, primarily from his ownership stakes in Tesla and SpaceX.

Musk family (Wikipedia)


The Musk family is a wealthy family of South African origin that is largely active in the United States and Canada. The Musks are of English, Anglo-Canadian, Pennsylvania Dutch, and Swiss descent. The family is known for its entrepreneurial endeavours. Elon Musk was formerly the wealthiest person in the world, with an estimated net worth of US$232 billion as of December 2023, according to the Bloomberg Billionaires Index.

Tesla (Wikipedia)


Tesla most commonly refers to:Nikola Tesla (1856–1943), a Serbian-American electrical engineer and inventorTesla, Inc., an American electric vehicle and clean energy company, formerly Tesla Motors, Inc.Tesla (unit) (symbol: T), the SI-derived unit of magnetic flux densityTesla may also refer to:

Tesla Model 3 (Wikipedia)


The Tesla Model 3 is a battery electric mid-size sedan with a fastback body style built by Tesla, Inc., first introduced in 2017. It is marketed as being more affordable to more people than previous models made by Tesla. The Model 3 was the world's top selling plug-in electric car for three years, from 2018 to 2020, before being knocked from the top spot by the Tesla Model Y, a crossover SUV based on the Model 3 chassis. In June 2021, the Model 3 became the first electric car to pass global sales of 1 million. In November 2021, new features were added such as a power-operated trunk, heated steering wheel, new center console similar to the Model Y's with two wireless phone chargers, chrome trim replaced with matte black trim, USB-C ports, and a heat pump.An upgraded Model 3 with revamped interior and exterior styling was introduced in late 2023 for countries supplied by Tesla's Shanghai, China factory, and then in North America and other countries supplied by the Fremont, California factory in early 2024.

Elon Musk's Tesla Roadster (Wikipedia)


Elon Musk's Tesla Roadster is an electric sports car that served as the dummy payload for the February 2018 Falcon Heavy test flight and became an artificial satellite of the Sun. A mannequin in a spacesuit, dubbed "Starman", occupies the driver's seat. The car and rocket are products of Tesla and SpaceX, respectively, both companies headed by Elon Musk. The 2010 Roadster is personally owned by and previously used by Musk for commuting to work. It is the first production car launched into space.The car, mounted on the rocket's second stage, was launched on an escape trajectory and entered an elliptical heliocentric orbit crossing the orbit of Mars. The orbit reaches a maximum distance from the Sun at aphelion of 1.66 astronomical units (au). Live video of the Roadster during the launch was transmitted back to the mission control center and live-streamed for slightly over four hours.Advertising analysts noted Musk's sense of brand management and use of new media for his decision to launch a Tesla into space. Musk explained he wanted to inspire the public about the "possibility of something new happening in space" as part of his larger vision for spreading humanity to other planets.

Elon Musk (Isaacson book) (Wikipedia)


Elon Musk is an authorized biography of American business magnate and SpaceX/Tesla CEO Elon Musk. The book was written by Walter Isaacson, a former executive at CNN, TIME and the Aspen Institute who had previously written best-selling biographies of Benjamin Franklin, Albert Einstein, Steve Jobs and Leonardo da Vinci. The book was published on September 12, 2023, by Simon & Schuster.

Tesla Faces Setback as NHTSA Opens Investigation into Autopilot Software


The National Highway Traffic Safety Administration (NHTSA) has opened an investigation following Tesla's recall of vehicles with Autopilot, citing concerns of driver misuse leading to accidents. Tesla's Autopilot and Full Self-Driving (FSD) software issues pose a challenge for its self-driving ambitions. Experts suggest Tesla may be years away from achieving fully autonomous driving, with concerns about safety and testing in metropolitan areas. Teslas recall and software updates aim to improve driver engagement and address safety gaps, with ongoing scrutiny from regulators and critics.

Tesla Model S (Wikipedia)


The Tesla Model S is a battery electric executive car with a liftback body style built by Tesla, Inc. since 2012. The Model S features a battery-powered dual-motor, all-wheel drive layout, although earlier versions featured a rear-motor and rear-wheel drive layout.Development of the Model S began prior to 2007, under the codename "WhiteStar". The Model S was officially announced on June 30, 2008, and a prototype vehicle was unveiled in March 2009. The Model S debuted on June 22, 2012. A revised, dual-motor, all-wheel-drive version, known as the 60D, debuted on October 9, 2014. The 60D was followed by the 70D, which made dual-motor and all-wheel drive the standard, followed by the 85D, P85D, and P90D. Along with these updates, Tesla offered the Autopilot driving assistance system. The first major design refresh came in April 2016 when the Model S was updated with a new front hood design. In October of the same year, hardware became standard that supports Tesla's Full Self Driving (FSD) capability. As part of the update, integrated standard cameras around the car were added. In February 2017 the Tesla Model S P100D debuted, which included a revised motor and was the first electric vehicle to have an EPA estimated range exceeding 300 miles (483 km). The second major design refresh, codenamed "Palladium", was introduced in June 2021, offering a new "Plaid" performance model, along with a revised interior, powertrain, and suspension.The Model S became the first electric car to top the monthly new-car-sales ranking in any country, leading twice in Norway, in September and December 2013 and in Denmark in December 2015. Sales passed 250,000 units in September 2018. The Model S was the top-selling plug-in electric car worldwide in 2015 and 2016, although it was later surpassed by the Model 3. Upon its release, the Model S received positive reviews, with praise for its acceleration and range, although initial models received criticism for their high cost and braking issues.

Major Companies Invest Billions in Artificial Intelligence Despite Limited Returns


Top companies like Apple, Meta, and Google are collectively spending billions of dollars on artificial intelligence with investments ranging from $22 billion to over $100 billion, aiming to enhance their AI infrastructure and services. Despite the lack of significant revenue generation so far, CEOs reassure shareholders to remain patient, emphasizing the long-term benefits of AI investments. Mark Zuckerberg and Elon Musk have both addressed concerns over short-term financial performance, highlighting the extensive time and resources required to develop leading AI technologies.

Elon Musk Continues to Lay Off Employees at Tesla Amid Falling Sales Elon Musk Continues to Lay Off Employees at Tesla Amid Falling Sales Elon Musk Continues to Lay Off Employees at Tesla Amid Falling Sales Elon Musk Continues to Lay Off Employees at Tesla Amid Falling Sales

SOURCES

Business Insider

Elon Musk isn't even close to being done with his 'absolutely hard core' slashing of Tesla's headcount

Business Insider

Yahoo! News

Elon Musk isn't even close to being done with his 'absolutely hard core' slashing of Tesla's headcount

Yahoo! News

Yahoo! News

Musk lays off Tesla senior executives in fresh job cuts, The Information reports

Yahoo! News

NDTV

Elon Musk Sacking Senior Tesla Staff To Further Reduce Costs: Report

NDTV

Deadspin

Elon Musk Cuts Entire Tesla Supercharger Team In New Round Of Layoffs

Daily Mail

Elon Musk goes 'absolutely hardcore' with lay offs

Rachel Bowman

Gizmodo

Elon Musk Going 'Absolutely Hardcore' With Tesla Layoffs

William Gavin, Quartz

Engadget

Tesla is reportedly getting 'absolutely hard core' about more layoffs, according to Elon Musk

Engadget

TechCrunch

Elon Musk guts Tesla's charging team after winning over major automakers

Sean O'Kane

The Verge

Elon Musk goes ‘absolutely hard core’ in another round of Tesla layoffs

The Verge

NDTV

Hardcore About Cost Cut, Elon Musk's Tesla To Cut Hundreds More Jobs: Report

NDTV

NDTV

Slept In Parking Lot: Laid-Off Tesla Employee On His Sacrifices For The Company

NDTV

Business Insider

Elon Musk is going hardcore again

Business Insider

Business Insider

Tesla stock drops as Elon Musk reportedly announces hundreds more layoffs including senior execs

Business Insider

Fox News

Tesla lays off more workers, two senior executives out: Report

Fox News

PANORA

Elon Musk Calls for \"Complete Organizational Overhaul\" at Tesla

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Tesla Suffers Biggest Revenue Drop in Over a Decade and Announces 6,000 Job Cuts

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Investor concerns grow as Elon Musk juggles multiple companies, raising questions about his focus on Tesla

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Tesla's Stock Plummets Below $150 Amidst Falling Sales and Job Cuts

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Tesla Reports First Annual Sales Drop Since Pandemic Onslaught

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Tesla to seek approval for $45 billion pay deal for Elon Musk

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Tesla seeks shareholders' approval for $56bn pay package for Musk after court rejection

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Wikipedia

Tesla, Inc.

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Elon Musk Claims Tesla's Optimus Robots Could Be More Valuable Than Everything Else Combined

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Tesla Clears Key Hurdles in China for Full-Self Driving Features with Baidu Partnership

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Tesla and BYD Battle Stalling Electric Car Demand in China

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Elon Musk

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Elon Musk's Trip to Beijing Focuses on Tesla's Full Self-Driving Technology Launch in China

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Tesla Cuts Prices on Full Self Driving System and Multiple Car Models

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Watch: Elon Musk’s big plans for xAI include raising $6 billion

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History of Tesla, Inc.

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Twitter under Elon Musk

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Exclusive-Elon Musk heading to China for visit to Tesla's second-biggest market, sources say

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Acquisition of Twitter by Elon Musk

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Views of Elon Musk

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PANORA

Tesla's Gigafactory Outside Austin Granted Exemption from Environmental Regulations Thanks to New State Law

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Local Chinese authorities remove restrictions on Tesla cars in Beijing after passing data security requirements

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US auto safety agency investigates Tesla's Autopilot recall

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Elon Musk's Net Worth Rises Significantly in a Week Due to Tesla Stock Rally and SpaceX's Growth

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Tesla Model Y

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Wealth of Elon Musk

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Musk family

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Tesla

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Tesla Model 3

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Elon Musk's Tesla Roadster

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Elon Musk (Isaacson book)

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