Tesla Reorients Itself For Profit
Dear Friends & Neighbors,
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Elon Musk survived the first serious challenge on June 5, 2018, by major investors to his dual role as the Chairman and CEO of Tesla and to three of Musk’s hand-picked board members: directors Antonio Gracias, James Murdoch, and Kimbal Musk. A week later, he has reoriented the position of Tesla.
In a Tuesday (June 12, 2018) memo from Tesla CEO Elon Musk to all Tesla employees, it was announced that Tesla was cutting 9% of its total workforce as part of a reorganization to reduce costs and to help the electric automaker to become profitable. This cut will not impact people working on production lines such as Model 3 vehicle. According to U.S. Securities and Exchange Commission, in early 2018, Tesla was estimated to have about 37,ooo employees globally. Company insiders also told Fortune that Tesla has hired thousands of employees within the past six months.
“Tesla has grown and evolved rapidly over the past several years, which has resulted in some duplication of roles and some job functions that, while they made sense in the past, are difficult to justify today,” Elon Musk wrote. He further added, “Given that Tesla has never made an annual profit in the almost 15 years since we have existed, profit is obviously not what motivates us….What drives us is our mission to accelerate the world’s transition to sustainable, clean energy, but we will never achieve that mission unless we eventually demonstrate that we can be sustainably profitable. That is a valid and fair criticism of Tesla’s history to date.”
Video below of Elon Musk at Shareholder Meeting is highly recommended:
On Tuesday, an email sent by Elon Musk and a Tesla conference call confirmed that Tesla will not be renewing its residential sales agreement with Home Depot. Musk told employees that Tesla plans to sell solar power and energy storage products in its own stores and online. Tesla will remove its branded kiosks from as many as 800 of the Home Depot’s chain’s in U.S. by the end of 2018. These Tesla-branded kiosks were designed to educate consumers and generate sales of its residential rooftop solar panels and energy storage battery Powerwall. Out of the 2,200 Home Depot locations, Tesla kiosks was in 800 of them. Majority of Tesla employees working at Home Depot will be offered opportunity to move over to Tesla retail locations.
It is with passion and fervor that Elon Musk/Tesla always pursues his various projects. It is hard to imagine any company would be able to compete against the Tesla team.
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Gathered, written, and posted by Windermere Sun-Susan Sun Nunamaker
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