Managers at Tesla are asking which positions at the company are critical, sparking fears that layoffs are coming.
Soon after canceling some employees’ biannual reviews, the electric vehicle company asked U.S. managers to assess the staff, those familiar with the matter said in a Bloomberg report Wednesday.
The rumblings of layoffs come as Tesla is at the height of its popularity and size. It has nearly eight times the workforce it had in 2016, with around 140,000 workers worldwide.
However, the company may be forced to downsize. According to CEO Elon Musk, the firm expects sales to continue to slow this year as competition mounts and consumers are less willing to spend money on EVs.
The company tried to bolster sales last year by cutting prices on its most popular vehicles, but new arrivals from China and established U.S. brands like Ford further cut into Tesla’s market share. The company’s stock price has reflected the dismal outlook over the past year, dropping to $187 Wednesday from $290 in July.
• Vaughn Cockayne can be reached at vcockayne@washingtontimes.com.
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