of his work time on one of his oldest ventures: Tesla. And Tesla badly needs help. The carmaker released its quarterly earnings report yesterday and revealed that its profits fell 55% and revenue fell 9%—figures even worse than many analysts had anticipated. The company announced its intentions to lay off more than 10% of its staff, or about 14,000 people, including
Many automakers have also entered the space with their own electric or hybrid cars. BMW, Mercedes, Hyundai and Kia have seen recentAnd it hasn’t helped that Tesla’s innovation in the EV space has slowed. In 2022, the company decided not to put out any—a risky choice in an industry that relies upon new or redesigned models to keep buyers’ interest.
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