Tesla to cut 3,000 jobs

Elon Musk has described 2018 as the most successful in Tesla’s history, despite admitting the company’s cars are too expensive and up to 3,000 jobs will be lost in cost-cutting measures.

He sent an email to staff saying growth had been strong, but that it was difficult to make Teslas with their new and developing technology as cheaply as conventional cars. He admitted the cars were too expensive for most people, and the profits too low.

As such, up to seven per cent of the 45,000-strong staff will be cut.

This is despite delivering almost as many cars in 2018 as it had in all the previous years of its existence combined.

In an email to staff, he said, ‘This quarter will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit. However, starting around May, we will need to deliver at least the mid-range Model 3 variant in all markets, as we need to reach more customers who can afford our vehicles.

‘Moreover, we need to continue making progress towards lower priced variants of Model 3.’