Tesla Lays Off 9 Percent Of Workforce

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In a tweet published Wednesday, Tesla CEO Elon Musk said that his company plans to change the Autopilot "screen alert to clarify that we mean 'slight up or downward force on the wheel, '" meaning that simply touching the wheel would not dismiss the notification.

"As part of this effort, and the need to reduce costs and become profitable, we have made the hard decision to let go of approximately 9 percent of our colleagues across the company", Musk wrote in his email. He noted that the cuts will not affect Tesla's ability to reach targets for producing the Model 3.

As part of this effort, and the need to reduce costs and become profitable, we have made the hard decision to let go of approximately 9 percent of our colleagues across the company. Last week, Musk said the carmaker should achieve its target by the end of June.

Shareholders reacted positively to the announcement, and Tesla rose more than 3 percent by the end of Tuesday, with a stock price of $342.62.

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Consumer Edge Research Analyst James Albertine wrote in a note to investors that he views the moves "as a positive in helping Tesla track toward profitability later this year".

"I don't think if Tesla becomes profitable in Q3 and Q4, that will be sustainable because of ramping up of the production". "A focus on "getting lean" is a positive with respect to Tesla's guidance for achieving consolidated profitability in 2018, in our view", he wrote.

Tesla's Autopilot semi-autonomous vehicle tech has been implicated in numerous crashes lately, and though it's been tough to say where the blame for these incidents lies, Tesla is convinced their software isn't at fault.

That said, Musk claims Tesla will soon be rolling out yet another update created to help users avoid the alerts entirely.

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