Tesla fires hundreds of workers

Tesla Model 3

Tesla stock tumbled on Monday on a hodgepodge of different headlines varying from the company's mass firing supposedly based on performance to a report that some people are selling their Model 3 reservations.

Like all companies, Tesla conducts an annual performance review during which a manager and employee discuss the results that were achieved, as well as how those results were achieved, during the performance period. He worked at Tesla for almost four years, and said he heard about 60 other workers in his section of the factory were dismissed.

Musk's original goal was for Tesla to produce 1,500 Model 3s in the third quarter, a sizable jump en route to increasing production to 20,000 vehicles per month by the end of the year and 50,000 a month by the end of next year. Some workers received promotions and bonuses, and the company expects to hire for the "vast majority" of new vacancies, a spokesman said.

"Model 3 production was less than anticipated due to production bottlenecks", Tesla wrote in an October 2 investor letter.

Admin workers and sales reps were among those to fall victims to the annual clear out, as well as some involved in manufacturing operations. It also said the moves have generally boosted worker morale, as high-performing employees have been rewarded.

Tesla founder Elon Musk has acknowledged the launch the Tesla Model 3 from the Fremont plants has fallen behind schedule.

Tesla fired hundreds of employees as the company struggled with production issues on the Model 3.

Michael Harley, the managing editor at Kelley Blue Book and Autotrader suggested that the sacking could have been made to improve vehicle production.

The California-based company said, earlier in the month, that "production bottlenecks" had left Tesla behind its planned production expansion for a new cut-price model. "A major change in staff - whether dismissal or layoff - is an indication that there is an upper level movement to put the train back on the tracks".

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