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17.05.2019 20:47:00

Tesla to Cut Costs (Again)

Tesla (NASDAQ: TSLA) is undergoing another round of cost cuts, electric-vehicle news website Electrek reported Thursday afternoon. In an email to employees, CEO Elon Musk detailed a concerted effort to eliminate all unnecessary costs.This cost-cutting initiative follows several recent big programs from the company to reduce expenses and cut any avoidable capital expenditures. Amid the Model 3 production ramp-up last year, Tesla moved to 24/7 operations at its factory in Fremont Factory while simultaneously implementing a plan for the company's finance team to review all large expenses. Then, earlier this year, Tesla announced a 7% reduction to its full-time workforce.The electric-car company's latest cost-cutting initiative comes as Tesla is trying to move closer to becoming sustainably profitable after reporting a big loss in its first quarter.Continue reading
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