Musk’s Model 3 miscalculation culminates in major Tesla job cuts
Firings follow bungled first attempt to mass-produce a sedan.
Elon Musk has finally been forced to rethink his vaulting ambitions for Tesla.
The news Tuesday that Musk will dismiss more than 3,000 employees, or about 9% of the company’s workforce, underscored what many on Wall Street have been saying for months: Tesla has reached a pivotal moment. After misjudging how quickly the carmaker would be able to mass-manufacture an electric vehicle for the first time, the chief executive officer is pumping the brakes from years of hiring at breakneck speed.