Elon Musk is cutting Tesla Inc.’s full-time workforce by 7 percent, warning in a blog post that the “road ahead is very difficult” as he tries to make electric cars more affordable for the mass market.
The shares fell 7.6 percent in pre-market trading after the Palo Alto, California-based company said it managed to eke out a profit in the fourth quarter— though a narrower one than the hard-won third-quarter profit it reported in October, the chief executive officer said Jan. 18.
Elon Musk
Photographer: Justin Chin/Bloomberg
Tesla is under pressure to limit spending as it emerges from what Musk called the “most challenging” ...
Learn more about Bloomberg Law or Log In to keep reading:
See Breaking News in Context
Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.
Already a subscriber?
Log in to keep reading or access research tools and resources.