Inside Tesla’s Abrupt Supercharger Layoff (and Rehiring) - Deepstash
Inside Tesla’s Abrupt Supercharger Layoff (and Rehiring)

Inside Tesla’s Abrupt Supercharger Layoff (and Rehiring)

Curated from: trajectorymatrix.substack.com

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The Layoff

The Layoff

In late April 2024, Tesla's CEO, Elon Musk, let go of the Supercharger team, which had around 500 employees. This is the team responsible for the Supercharger charging-station network ( EV charging ports operated & owned by Tesla). Surprisingly, just two weeks later, Tesla started hiring back some of the people it had laid off.

For a deep dive, you can go here.

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ELON MUSK

The layoffs will “enable us to be lean, innovative and hungry for the next growth phase cycle.”

ELON MUSK

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Stock Price Drop

Stock Price Drop

Tesla's stock was soaring before layoffs hit in April 2024, with a striking 101.72% 🚀annual gain (2023). However, when news of the layoffs spread, the stock plummeted by 34% (April 2024).

Despite attempts to overcome the challenges, further job cuts caused another 6% (May 2024) drop.

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The Return of Supercharger Staffs

The Return of Supercharger Staffs

Just two weeks after Tesla let go of the staffs, it rehired some of them back. Elon Musk's decision to bring back some Supercharger employees at Tesla has stirred interest and scrutiny among the electric vehicle (EV) community.

WHY?

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2. Strategic Operational Improvements

Rehiring employees might be part of Tesla's broader efforts to make operations more efficient and focus better on main goals. By bringing back key people to the Supercharger team, Tesla aims to make operations smoother and be more flexible in the changing EV world.

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3. Strengthening Essential Infrastructure

3. Strengthening Essential Infrastructure

For Tesla to succeed, its Supercharger network must be strong, making EV charging easy for users. And its workforce is a crucial part of that.

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4. Meeting Federal Obligations

4. Meeting Federal Obligations

As a big receiver of federal funds for EV chargers, Tesla has to meet certain responsibilities. Rehiring Supercharger employees is key to show that Tesla is indeed using resources well and keeping its network running smoothly.

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Leading

Leading

As of now, the Supercharging network operated by Tesla stands as North America's most extensive fast charging network. Analysts project that Tesla could capture a $7.4 billion 💵share of the public charging market by 2030.

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Other Brands

Other Brands

Expanding access to the Supercharger network for more EV drivers (of other brands) presents Tesla with an opportunity to attract a fresh customer demographic. It is also anticipated that this broadened infrastructure could generate an additional $20 billion💲💥in revenue by 2030.

For a deep dive, you can go here.

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IDEAS CURATED BY

trajecmatrix

Decoding industries, emerging innovations, concepts, products, & more. Untangling the factors influencing them. And, envisioning what lies ahead for them — years down the road.

CURATOR'S NOTE

To be “lean, innovative and hungry”.

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