Tesla to freeze hiring, lay off employees next quarter: Electrek

ANOTHER wave of layoffs are coming at electric-car maker Tesla in the next quarter, news website Electrek reported on Wednesday (Dec 21), citing a source familiar with the matter.

Tesla is also going to freeze hiring, according to the report. The company did not immediately respond to a Reuters request for comment.

Shares of Tesla rose 1 per cent to US$139.25 in trading before the bell.

The reported move comes at a time when Tesla investors have raised concerns over chief executive Elon Musk’s distraction with managing Twitter, the social media platform he bought for US$44 billion in October.

Moreover, Tesla analysts have also cut their price targets on the stock worried that weakness in demand from China will weigh on the electric vehicles maker’s deliveries next year.

Musk in June said Tesla would reduce its salaried workforce by roughly 10 per cent over the next three months. REUTERS