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a Tesla headline so let's get it uh Caroline let's talk uh latest on their own Staffing uh reductions hey there Oliver yes Tesla always in the headlines Shar is giving back some of those impressive gains from yesterday when shares rallied about 15% down about 3% this morning on news that Tesla is going to be laying off more employees according to the news website electric Tesla is uh laying off the entire supercharging team team including senior Executives and longtime Veterans of the company most notably the the executive responsible for negotiating the the North American charging standard adoption across the industry this of course comes just a couple weeks after Tesla announced that it was laying off 10% of its Global Workforce including the former VP of powert train and Energy Engineering and the head of policy and Business Development also let go of its entire new ad team which was about 40 people there in a companywide email two weeks ago Elon Musk said the layoffs will enable Tesla to be lean Innovative and hungry for the next growth phase cycle so as I mentioned sharers rallied about 15% yesterday on news that Tesla got tentative approval for full self-driving in China and is partnering with b as part of that initiative so we've heard from a few analysts since then Goldman Sachs was out with a research note just a bit ago saying we consider the China news a directional positive but they say the anticipated growth in FS D software Revenue over the long term had already been factored into their evaluation so kept their neutral rating and $175 price Target which of course is lower than where Tesla's trading right now also said that full self-driving or FSD technology is not yet an eyes off unsupervised product meanwhile Bank of America came out Bank of America came out and reiterated its buy rating on Tesla saying in our view Tesla has revitalized the growth narrative with q1 2024 commentary and results they have a $220 price Target on Tesla shares Tesla right now down a little bit more than 3% trading around 18767 if you've been following Tesla for a while you'd know that the stock has been going in all sorts of directions lately after being down 40% since the beginning of the year it went up around 19% when Elon visited China to get Tesla's FSD software approved in the country but as of the time of this video the stock fell another 5% this dip came amid reports of more layoffs at the company with the loss eating into some of the big gains following China's FSD approval this latest round of job cuts which includes some senior Executives rang alarm bells for Tesla stock investors and many thought they are a sign that the EV maker is still struggling to find its footing after a massive hiring spree over the past 2 years that expanded its staff by almost 40% wedbush Securities Dan Ives commented on the layoffs saying that nothing is off the table with these layoffs and that Elon is trying to send a signal that says Tesla is going through difficulties that are forcing them to make some really tough decisions but what's the truth here are investors overreacting or are the layoffs an ominous sign for Tesla let's find out um so I mean the chair's given some back hard to kind of know if it's on this or after just a screaming rally the last week you know we're giving some back in the sector as a whole for the EV makers uh bang down but um yeah the supercharger uh you know team basically getting fully act uh I guess just part of the cost reduction plan once uh you know progress on the infrastructure has been built out they don't need as many people but I don't know this is like senior people too so it's uh maybe a little drama there well we know that Tesla although the FSD news was great for Tesla because it really needed some sort of positive Catalyst there's a demand issue right now so Tesla has to be lean they have to focus on costs because people just aren't buying EVS as much as I think Tesla would actually like and there's Rising competition ition as we talk about all the time uh here in the US but also of course in China which is a key market for Tesla so I think that this is all just part of the plan in in that email to that Elon Musk wrote a few weeks ago he said I hate to do it but it's basically what they have to do the information recently reported the layoffs of hundreds of Tesla staffers including Rebecca tanucci who supervised the charging infrastructure and Daniel ho who was responsible for overseeing vehicle programs and new products addition Tesla's senior manager of site acquisition and business development for Tesla's commercial charging program also said on LinkedIn that he had been laid off the cuts mainly affected the company's supercharger team of around 500 people and almost all of them were apparently let go layoffs often happen because companies want to save costs so they can be a sign of the company's operations weakening but for this round of layoffs investors were specifically worried about how Tesla's supercharg operations would continue for instance with less staff in the supercharger division maintenance issues may not get addressed promptly plans to build new charging locations could be delayed and upgrades to existing stations may also get postponed according to data collected by the US Department of energy there are around 2,230 Tesla Supercharger stations in the US housing more than 25,000 Tesla supercharg ports so it's not like Tesla is losing Market market share when it comes to charging especially because competitors like Ford and General Motors choose to sign agreements with Tesla that allow them to use its supercharges what investors are really worried about is how the layoffs will impact the Network's expansions and the overall service quality but Elon Musk quickly addressed investors concerns so let's take a look at what he had to say hello everyone and welcome back to invest Ury Alex you get the good news of yesterday that musk goes to China and gets closer to getting his driver assistance there approved and then we hear that two more executives are leaving oh and everyone underneath them is also going to be losing their job what's happening well I think the thing we saw uh perhaps a year and a half ago is that Tesla massively expanded its capacity to I think it's something like 2 million units a year and then promptly the the bottom fell out of the EV market right the a lot of the cars that have been sold a number of years ago came into the secondary Market secondhand Market the price on those the drop off was considerable just generally the appetite for these cars new has fallen as well so there's a huge recalibration across the electric vehicle industry uh we had heard some reporting already from Bloomberg amongst others that there were likely to be more job Cuts coming down the line the thing that's quite interesting when you you look at Tesla is if you look at Revenue per employee that has remained it's it's increased but when you look at operating profit per employee the drop off is quite considerable you can see it on this chart here it's dropped by you know about half uh the drop off in operating profit itself is not that steep so it looks like this is an effort to bring that sort of number up in a post on X Elon Musk said that the company remains committed to Growing its EV charging Network just at a slower Pace from new locations so it can focus more on expanding its existing locations and reaching 100% uptime so Tesla's decision to lay off merely its entire supercharger team at a moment of Triumph definitely signals a shift in strategy and this was basically confirmed when electric reported that Tesla was pulling out of four leases for new charging stations in New York however not everyone agrees with this strategy shift as a large charging Network supports longrange travel to anywhere in the country and that is fundamental to increasing EV adoption many also thought that Tesla opening up its charging Network to different automakers then choosing to slow down expansions sounds very counterintuitive however it's important to note that other automakers like Ford and General Motors have responded to the media's questions about this saying that their plans of allowing their customers to use Tesla's supercharges haven't changed the information managed to view a leaked email from Elon Musk to Tesla's Executives where he confirmed the layoffs of tanucci the majority of her team and ho but they weren't the only people impacted as the majority of Tesla's public policy team will also be laid off just a week after Tesla's advertising team was laid off because Elon didn't think the Tesla ads were good enough in the email Elon said that he wants Tesla to be absolutely hardcore about headcount reduction saying that Executives whose subordinates don't obviously pass the excellent necessary and trustworthy test would find themselves relieved of Judy as well he also maintained the loffs were necessary to increase efficiency trim the fat and weather macroeconomic challenges and although risks a company such substantial Workforce reductions Tesla aims to operate Leno with greater focus on roles deemed essential to its Mission t's kind of a bizarre Group which is like I the wildes kind of to be clear out but kind of like intimating like I don't know there's some like maybe there's you know El seems like he's um kind of a um not vindictive but uh if there are personal issues that he feels somebody's not doing their job right you know he's going to he's going to ask them in the public sphere and he basically said in a note that you know he hopes this makes it clear their hardcore about staff reductions but it's the supercharger team I mean like I it's pretty important it's I I'm kind of having trouble like figuring out why if they need to build out the charging infrastructure even more that they're going to lay people off so all right uh interesting um continues to be kind of a bizarre series of events the layoffs represent musk's bold Gambit to reshape Tesla's structure almost overnight into one better positioned for profitability and long-term success following the slump in vehicle sales in the first quarter Tesla announced that it's laying off 10% of its Global staff which were around 14,000 people to cut costs and increase efficiency and this wasn't seen as an entirely terrible thing for Tesla as managing partner of the future fund Gary black pointed out on X that if we assume that those employees get an average salary of $100,000 annually then by doing the math Tesla would end up saving around $1.4 billion a year the same logic could be applied for these layoffs laying off around 500 employees means that Tesla could save an extra $50 million but layoffs aren't sustainable for a firm's growth as they could slow down development and have a negative impact on the morale of the employees not affected by the layoffs at this point Tesla needs to focus on how to start winning people back by doing work that could offset the impact of the layoffs for instance it could continue its FSD expansions in China and other countries and conduct more FSD trials in Europe and other Asian countries also Tesla could speed up the release of its affordable car models which would make perfect sense for Tesla's current strategy if Tesla chooses to limit charging expansions it could instead focus on ramping up production of vehicles that will help it enter new markets and win back the trust of investors and Wall Street analysts um but this has ramifications Beyond just Tesla because most major US car makers are adopting Tesla's charging connectors in their cars um at the moment they're using adapters but from sort of next year Ford and GM are going to have Tesla's unique charging port built into their car um and we know that access to charging particularly fast charging is a key hurdle uh for people making a transition to EVs and and to wipe out this entire division it's just going to we've already had reporting from our reporters in the US that at rivan they're just sort of confused by what's going on and what this means for them um it means that these automakers are losing their main points of contact within Tesla just ahead of the summer driving season in the US when people go on holidays and stuff like that so it just seems to be a bit more sort of confusion and turmoil at Tesla that's leaving some of its key customers you know a bit in the dark and what are the implications for the actual supercharging Network infrastructure well it seems that that is going to slow down and you know the supercharger network is the main charging Network in the US it's bigger than any of the other competitors um you know it's also a money spinner for Tesla Piper Sandler have estimated that by the end of the decade supercharging is going to be a $3 billion a year business for Tesla and so if that starts to to slow down you know again it does leaves some question marks hanging over what the plans are for the network here how big it's going to be and what kind of you know access it's going to be for for Ev drivers not just for as I said not just for Tesla drivers but across the whole EV Spectrum the recent job cuts at Tesla might be aimed at reducing costs and improving efficiency but they're really a double-edged sword Tesla could use the money it will save from the layoffs to redirect resources toward the development of FSD and Robo taxis which will be the main drivers behind Tesla's growth in the future but at the same time ignoring something as critical as the supercharger Network could cause Tesla's revenues to take a massive hit Tesla reports its revenues from its charging networks in a segment called services and last year this segment sales grew by a whopping 37% in 2023 compared to the previous year and in total this segment contributed $8.3 billion to Tesla's 2023 revenue of 96.8 billion also order forecast solution says Tesla could generate $6 billion to$ 122 billion in annual charging Revenue by 2030 by opening its charging stations to other automakers so Tesla has a lot to lose by abandoning this segment therefore there's a lot on the line and much depends on how strategically Tesla approaches the downsizing as missteps could damage a huge part of the company and in turn ha Tesla stock looking ahead we'll keep close tabs on Tesla's restructuring game plan as well as its new product releases and FSD advancements the coming quarters will reveal if the layoffs would truly beneficial or not and whether Tesla can accelerate out of challenges stronger than ever under elon's leadership and vision but what do you think about Tesla's layoffs and where do you think Tesla stock is going next
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