Tesla expected to make another round of layoffs next quarter • TechCrunch

Tesla is battening down the hatches against the possibility of a deteriorating economy, according to a new Electrek report. The automaker will make another round of layoffs in the first quarter of 2023, the blog source says, and will also freeze hiring across the board – having just resumed hiring in the second half of 2022 after a freeze precedent and a first round of layoffs in June.

Of course, macroeconomic conditions don’t look set to improve anytime soon, which could certainly be reason for Tesla to implement measures to slow or reduce headcount spending. But the EV company also faces additional pressures from its recent precipitous share price plunge, which began in late September/early October and worsened further towards the end of October when Elon Musk completed his acquisition. from Twitter.

Musk recently said that the the problem is general regarding the stock market itself resulting from rising bank account interest rates and general market volatility rather than any specific challenge Tesla faces. But critics still point out that Musk’s general distraction has contributed to the company’s poor performance with investors of late.