Tesla fired 400 employees last week

Confirmed: Tesla Did Fire 400 Employees Within The Past Week

Confirmed: Tesla Did Fire 400 Employees Within The Past Week

Tesla stock tumbled on Monday on a hodgepodge of different headlines varying from the company's mass firing supposedly based on performance to a report that some people are selling their Model 3 reservations.

Californian automaker Tesla is partnering with Liberty Mutual Insurance to offer an auto insurance plan designed specifically for its electric cars in the US, Bloomberg News reported on October 13.

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Like all companies, Tesla conducts an annual performance review during which a manager and employee discuss the results that were achieved, as well as how those results were achieved, during the performance period.

The exact number of terminated employees out of Tesla's workforce of 33,000 is unknown, but The San Jose Mercury News reported as many as 700 people may have lost their jobs.

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Military troops paid salute to Captain Hasnain Shaheed, following which he was laid to rest with full military honours. The troops were part of a search operation for the foreigners rescued earlier this week, the statement said.

Tesla, in a statement, cited a company-wide annual review and said that it had not laid employees off, but rather that it let employees go based on lackluster job performance.

The spokesman said most of the dismissals were administrative and sales positions, and outside of manufacturing. Reuters are reporting that Tesla said that performance was the reason for the firings. The electric vehicle maker missed targets for producing the lower-cost sedan, manufacturing only 260 last quarter despite a wait list of more than 450,000 customers. Tesla dismissed the employees after it bought the company, which manufacturers and installs rooftop solar panels, for about $2 billion in 2016. Tesla executives reportedly told Rusch that all of the equipment for the Model 3 production line has now been installed and cars are moving through the line. Elon Musk prefers to work long hours as he serves as CEO of Tesla and SpaceX simultaneously.

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He maintained his Model 3 shipment forecast of 3,005 this year out of a total of 100,056 deliveries this year but slashed his losses estimates dramatically. "A major change in staff - whether dismissal or layoff - is an indication that there is an upper level movement to put the train back on the tracks".

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