U.S. Markets close in 4 hrs 56 mins

Tesla layoffs: Elon Musk says job cuts required to fuel profits

CBS News
Tesla layoffs: Elon Musk says job cuts required to fuel profits

DETROIT - Electric car maker Tesla is laying off about 3,600 white-collar workers as it slashes costs in an effort to become profitable. CEO Elon Musk said in an e-mail to workers Tuesday that the cuts amount to about 9 percent of the company's workforce of 40,000. "We made these decisions by evaluating the criticality of each position, whether certain jobs could be done more efficiently and productively, and by assessing the specific skills and abilities of each individual in the company," he said in the message, which was also posted to Musk's Twitter feed. Tesla did not say how much money the job cuts would save. While saying that Tesla is more focused on producing environmentally friendly