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Tesla stock drops

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Tesla stock drops

Tesla stock drops

Shares of Tesla plunged after the company said it's cutting jobs to speed up delivery of mass-market Model 3 sedan and gave a lower fourth-quarter profit outlook.

Roselle Chen reports.

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Tesla stock drops

Shares of Tesla fell after the company said it's cutting jobs to speed up production of lower-priced versions of Model 3.

On the chopping block - about seven percent - or 3,000 workers - of Tesla's full-time employee headcount.

Autotrader's executive editor Brian Moody says Tesla's got it wrong: (SOUNDBITE) (English) AUTOTRADER'S EXECUTIVE EDITOR BRIAN MOODY, SAYING: "I don't know why the promise of having low-cost cars is even necessary.

Jaguar building an electric car.

They're not promising a low cost one.

Audi is building an electric car.

They're not promising that.

They're just content to build a good, performance-oriented, luxury electric car that, most likely, people will want.

It's worth while on its own merits.

You don't need incentives for those kinds of cars.

I think Tesla should stick to that, and it will be OK.

" Tesla also said its fourth-quarter profit will be lower than the previous one.

The company surprised investors by reporting it made money in the third quarter.

It was the third time in the black in its 15-year existence.

Tesla reports on February 6th.



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