TESLA Cuts Nearly 3,000 Texas Workers As Stock Price Falls

Austin TESLA facilityPhoto byX (Twitter)

Elon Musk’s TESLA has seen much better days. Just recently the company announced it was laying off 2,688 Tesla workers from its Austin facility. The stock itself, ticker symbol TSLA, continued to take a big hit and was trading at $145 at the time of this writing.

Workers will get laid off starting on June 14 according to Business Standard. TESLA also planned to lay off 285 employees from its Buffalo factory announced a week ago.

Here are some more details on the Austin layoff.

Falling sales and a price war among electric vehicle companies are behind the TESLA layoffs.

Elon Musk plans to have an earnings call today, April 23, which could send the price of TSLA down further.

Dan Ives of Webush said according to Yahoo Finance:

"This is a fork-in-the-road time to get Tesla through this turbulent period; otherwise dark days could be ahead."

"With the ongoing debacle around margins and demand, Musk will need to quickly take the reins back in to regain confidence in the eyes of the Street."

The company is expected to see a drop in its year over year earnings.

News hasn't gotten better for TESLA. About 4,000 Cyber trucks were recalled after a defect with its accelerator according to USA Today.

The Austin TESLA facility employed 22,777 employees according to Business Insider.