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Tesla Lowers Q4 Profit Guidance, Unveils Plans To Cut 7% Of Work Force; Stock Slides
As Tesla's much-larger (by sales and production volumes, at least) rivals unveil their rival electric-car models at the North American Auto Show, threatening Tesla's sales and its standing in the market for EVs, the Wall Street Journal reported Friday that Tesla plans to cut 7% of its workforce, part of a cost-reduction effort aimed at selling the Model 3 (what was supposed to be a "mass market" vehicle) at a lower price. Musk announced the job cuts, the first since June, in a memo to employees. Musk is hoping to sell the Model 3 at $35,000. Late last year he debuted a "low-cost" Model 3 with fewer advanced ... (full story)