The Elon Musk Thread

[wjfox]

Elon Musk warns Tesla workers they'll be sleeping on the production line to build its new mass-market EV

Tom Carter Jan 25, 2024

Elon Musk warned Tesla workers to prepare for a challenging production ramp-up as he previewed plans to build a mass-market vehicle.

The Tesla CEO said on the company's Wednesday earnings call that building Tesla's next-generation EV, set to enter production in 2025, will require Tesla workers to live and sleep on the manufacturing line at the company's Texas factory.

"We really need the engineers to be living on the line. This is not sort of an off-the-shelf 'it-just-works' type of thing," Musk told investors.

"That will be a challenging production ramp," Musk said. "We'll be sleeping on the line, practically. Not practically, we will be."

https://www.businessinsider.com/elon-mu ... &r=US&IR=T

[caltrek]

After Dour Earnings Call, Tesla Share Plunge Wipes Out $80 Billion in Market Value
by Anna Coonan
January 26, 2024

Introduction:

London (CNN) — Shares in Tesla plunged 12% Thursday, wiping $80 billion off the company’s market value hours after it warned of slowing growth in electric car sales and an existential threat from Chinese rivals.

Tesla’s stock suffered its worst day in 21 months and closed at its lowest level since December 2022. Since the start of 2024, the company’s market capitalization has fallen by $210 billion.

In an earnings presentation Wednesday, the world’s most valuable automaker said its sales growth this year “may be notably lower” than last as it continued developing the “next-generation” vehicle, likely a lower-priced model.

While it reported a sizeable 38% increase in deliveries last year compared with 2022, Tesla had previously targeted a 50% annual growth rate averaged over several years.

Tesla’s (TSLA) financial results for the last quarter also disappointed, with adjusted earnings per share down 40% from a year earlier, and revenue, which rose 3% to top $25 billion, coming in below market forecasts.

Read more here: https://www.cnn.com/2024/01/25/investi ... ndex.html

[weatheriscool]

[wjfox]

[wjfox]

My Dad's latest blog:



Emperor Elon's ever-growing influence: from brain cells to Mars

31st January, 2024

Elon Musk doesn't often lose, so the Delaware court's cancellation yesterday of the 52-year-old's $55.8bn (£44bn) pay deal, awarded to him in 2018 by electric car company Tesla, must have triggered unusual emotions, especially as his total fortune is estimated at "only" just over $210bn. But has his rise and rise ended? Will he, like Icarus, finally fall to earth?

I doubt it.

https://www.foxmedia.co.uk/elonmusk.htm

[firestar464]

I thought that was Fox News in the UK

[wjfox]

[firestar464]

More on that by Bloomberg:

https://www.bloomberg.com/news/articles ... me-to-this

https://archive.is/GjXDu

[wjfox]

Tesla lays off more than 10% of its workforce

2 hours ago

Tesla will lay off more than 10% of its global electric vehicle workforce.

In a memo, first reported by news website Electrek, billionaire owner Elon Musk told staff there was nothing he hated more, "but it must be done".

The world's largest auto-maker by market value had 140,473 employees globally as of December, according to its latest annual report.

Tesla did not immediately respond to the BBC's request for comment.

"We have done a thorough review of the organisation and made the difficult decision to reduce our headcount by more than 10% globally," said the email from Mr Musk.

https://www.bbc.co.uk/news/technology-68818113

[Time_Traveller]

Tesla lays off more than 10% of its workforce

2 hours ago

Tesla will lay off more than 10% of its global electric vehicle workforce.

In a memo, first reported by news website Electrek, billionaire owner Elon Musk told staff there was nothing he hated more, "but it must be done".

The world's largest auto-maker by market value had 140,473 employees globally as of December, according to its latest annual report.

Tesla did not immediately respond to the BBC's request for comment.

"We have done a thorough review of the organisation and made the difficult decision to reduce our headcount by more than 10% globally," said the email from Mr Musk.

https://www.bbc.co.uk/news/technology-68818113

More on this:-

Tesla pushes for $56bn pay deal for Elon Musk

1 hour ago

Tesla is again seeking to award boss Elon Musk the biggest pay deal in corporate American history, worth $56bn (£44.9bn).

The electrical vehicle (EV) company is asking shareholders to vote on its chief executive's record-breaking pay that was set in 2018.

However, the deal was rejected by a US judge in January who described it as "an unfathomable sum".

It comes just days after Musk announced plans to cut more than 10% of its global workforce.

In a memo issued to staff Musk said there was nothing he hated more, "but it must be done".

https://www.bbc.co.uk/news/articles/cqqndqndpq5o

Its a bit of a slap in the face to its workforce, if they do accept this deal.