Tesla cancels online recruiting events in China
June 13, 2022
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Tesla Inc. ($NASDAQ:TSLA) has cancelled three online recruiting events that were scheduled to take place in China this month, according to Reuters. It is unclear at this time if the decision is linked to the recent threat from Tesla’s Chief Executive Elon Musk regarding job cuts due to the electric vehicle maker being overstaffed in some areas. The potential job cuts come as Tesla is facing increasing pressure to ramp up production of its new Model 3 sedan, which has been plagued by delays. In addition, the company is also facing intense competition from other automakers who are also entering the electric vehicle market. It remains to be seen how this latest development will affect Tesla’s market and earnings in the long term. However, it is clear that the company is under a lot of pressure to improve its operations and meet the demands of its customers.
So far, the media has largely covered Tesla’s production issues in a negative light. On Friday, Tesla’s stock opened at $705.5 and closed at $696.7, down 3.1% from the previous closing price of $719.1.
The company’s fundamentals reflect its long term potential. However, there are potential risks in the business and financial areas that investors should be aware of. For more information on Tesla’s risks, please visit VI Risk Rating.
The Tesla Model 3 is the first vehicle built on Tesla’s third-generation platform. However, the Model 3 has not yet been rated by the NHTSA. The move comes after a series of negative news reports about the company’s working conditions in China, including reports of long hours and low pay. The stock price of Tesla fell by 3.1% the day after the announcement. Tesla is facing increasing competition in the electric vehicle market, and the company’s stock price is likely to continue to be volatile in the short term. However, long-term investors may still see Tesla as a good investment opportunity, as the company continues to innovate and grow its business.
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