Tesla to cut 9 percent of its workforce

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Tesla plans to cut several thousand jobs, about 9 percent of its workforce, as part of an effort to “reduce costs and become profitable” without threatening the crucial ramping up of production of the Model 3, its first mass-market vehicle, the company’s CEO, Elon Musk, said in an email to staff on Tuesday. Tesla shares jumped by as much as 7 percent on the news, although the gains fell back to about 3 percent later in the day. “Nine percent job cut is a good number and I don’t think there will be more job cuts in the near term,” said Efraim Levy, an analyst at CFRA Research. Tesla’s stock has recovered most of a 35 percent decline from its September peak as the company made strides toward meeting its output target of 5,000 Model 3 vehicles per week.

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