Tesla Cuts 9% of Workforce in Bid to Post Profit - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

Tesla Cuts 9% of Workforce in Bid to Post Profit

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Electric car maker Tesla Inc. is laying off about 3,600 white-collar workers as it slashes costs in an effort to become profitable.

CEO Elon Musk says in an e-mail to workers Tuesday that the cuts amount to about 9% of the company's workforce of 40,000.

The company did not say how much money the cuts would save.

The move will not affect factory workers as Tesla continues to ramp up production of its lower-priced Model 3 compact car.

Musk says the company is motivated by turning a profit. The company has not posted an annual profit in its 15 years of business.

Musk says Tesla is making the move now so it never has to do it again. He says there's still a significant need for additional production workers.

(Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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