Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Tesla lays off 285 workers in Buffalo as job cuts continue

(Sharecast News) - Electric carmaker Tesla is to lay off 14% of its staff across two plants in New York, the company said in a regulatory filing on Thursday, following large-scale job cuts announced earlier in the week. In an official worker adjustment and retraining notification or WARN notice, required by law, Tesla said it is laying off 280 of its 2,025 workers at the Gigafactory 2, and a further five employees at the nearby retail showroom on South Park Avenue in Buffalo.

The affected employees, who Tesla said were no represented by a union, will be let go from mid-July. The reason given in the document was simply "economic".

The news comes just days after the company said it was cutting a tenth of its global workforce across across sales, tech, and engineering, as it grapples with a worldwide slowdown in EV sales.

In a leaked internal memo to employees on Sunday, Tesla chief executive Elon Musk said there had been a "duplication of roles and job functions in certain areas" and that the company had "made the difficult decision to reduce our headcount by more than 10% globally".

Musk said the move was to enable Tesla to be "lean, innovative and hungry for the next growth phase cycle".

"Effective now, you will not need to perform any further work and therefore will no longer have access to Tesla systems and physical locations," the memo said.

Share this article

Related Sharecast Articles

WH Ireland in talks with Zeus Capital about sale of capital markets arm
(Sharecast News) - Financial adviser WH Ireland confirmed on Monday that it is talks with UK investment bank Zeus Capital about the potential sale of its capital markets division.
Kefi shares pop on official launch of Tulu Kapi
(Sharecast News) - Kefi Gold and Copper officially launched the Tulu Kapi Gold Mines (TKGM) project in Ethiopia on Monday.
Sajid Javid reportedly in talks to join Shein ahead of London IPO
(Sharecast News) - Singapore-based fast fashion retailer Shein has reportedly approached the former chancellor Sajid Javid about joining the company ahead of its rumoured listing on the London Stock Exchange.
Bradda Head reaches settlement over fraudulent payment
(Sharecast News) - North America-focussed lithium developer Bradda Head announced on Monday that it has reached a settlement agreement over the fraudulent payment initially reported on 29 March 2022.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.