Tesla abruptly disbanded its entire Supercharger team; its market capitalization evaporated by RMB 24.87 billion overnight—what information is worth noting?

Tesla shocker! Musk dismantled the entire Supercharger team; two executives and hundreds of team members are set to depart. Tesla’s Supercharger network has long been a source of pride for Musk. With the world’s largest electric vehicle charging infrastructure network, it has been one of the key reasons behind Tesla’s sustained lead over competitors. Yet amid Tesla’s broader restructuring and layoffs, Musk has targeted the entire Supercharger business unit. According to Jiemian News on May 1, Musk decided to lay off employees from Tesla’s electric vehicle charging business. As reported by two former employees and multiple posts on LinkedIn, Musk decided to terminate Rebecca Tinucci—the head of the charging business—as well as most or all staff responsible for operating and maintaining the system. According to Yicai Global, on April 29 local time, Musk sent an internal memo announcing that Rebecca Tinucci, head of Tesla’s Supercharger team, and Daniel Ho, head of new products, would depart along with their entire team—approximately 500 employees. In an email sent later that evening (April 29) to Tesla executives, Musk stated that Rebecca Tinucci, senior executive in charge of Tesla’s charging station division, and Daniel Ho, head of new products, would leave the company on the morning of April 30. According to Caixin Media, the public policy and business development team led by former executive Rohan Patel will also be dissolved. Notably, Drew Baglino, Senior Vice President overseeing engineering and technical development for Tesla’s batteries, motors, and energy products, resigned in April. Musk reportedly wrote in the email: “I hope these actions demonstrate that we must remain absolutely ‘hard core’ regarding headcount and cost reduction. While some executives are taking this seriously, most have not yet done so.” According to Yicai Global, Musk expressed astonishment that Tesla’s management had failed to streamline staff more rapidly per his instructions. He stated: “Any department manager who retains more than three employees who have not clearly passed the ‘excellent, necessary, and trustworthy’ employee evaluation test should resign.” Employees from the affected departments were also taken by surprise. Will Jameson, a former member of Tesla’s Supercharger team, posted on X (formerly Twitter): “Musk just let our entire charging team go!” Other employees from the same department confirmed their dismissals via posts on LinkedIn. The latest round of layoffs has also raised external concerns about the future of Tesla’s charging business.

Market capitalization evaporates by over $30 billion! Tesla’s mass layoff of over 10,000 employees stuns the U.S.

"America’s largest electric vehicle manufacturer will launch layoffs." On the 15th local time, news about Tesla’s layoffs stunned the U.S. media landscape. Reports indicate the company will cut more than 10% of its workforce—meaning approximately 14,000 employees will lose their jobs. Media outlets widely emphasized that this round of layoffs represents the largest in the company’s history. Internationally, Tesla and Musk carry numerous labels—such as “global automotive benchmark” and “world’s richest person”—making related news highly newsworthy. On the day the layoff announcement was made, Tesla’s stock price fell more than 5%, wiping out over $30 billion in market capitalization. So far this year, Tesla’s share price has declined roughly 35%. What exactly is happening to Musk and Tesla? Approximately 14,000 employees may face unemployment. A recent filing Tesla submitted to regulators shows that, as of the end of last year, the company—headquartered in Austin, Texas—employed 140,000 people globally. In an email to employees, Musk attributed Tesla’s “rapid growth” to “role and functional redundancies in certain areas.” He stated that, to ensure the company’s next phase of growth, it is critically important to scrutinize every aspect of the business to reduce costs and improve productivity. This will keep the company lean, innovative, and ready for its next growth cycle. The email noted that layoffs take effect immediately, and affected employees will receive notification within 48 hours. According to The Wall Street Journal, Drew Baglino, Senior Vice President of Powertrain and Energy Engineering, and Rohan Patel, Vice President of Public Policy and Business Development, have already departed. According to Reuters, Tesla’s layoff campaign will also impact China—including sales, technology, and engineering design departments. Two sources indicated that some employees in Tesla China’s sales team have already received notifications. Additional reports suggest other teams have also been affected. Simultaneous bottlenecks in supply and demand The market broadly attributes Tesla’s layoffs primarily to slowing—and even declining—sales growth. On April 2, Tesla released its Q1 2024 delivery figures: global deliveries totaled only 386,800 vehicles—far below analysts’ prior forecast of approximately 430,000. This figure marks an 8.5% year-on-year decline and a sharp 20.1% sequential drop—the first quarterly year-on-year decline in Tesla’s deliveries in nearly four years. Zhang Xiang, researcher at the Industrial Innovation Research Center for Automobiles at North China University of Technology, told the Global Times in an interview on the 16th that one major reason behind Tesla’s layoffs is cost reduction and efficiency enhancement. In its early days, Tesla enjoyed a monopoly position, with product demand vastly exceeding supply. But today, the market’s supply-demand dynamics have shifted, and the company’s R&D expenses remain high. Moreover, subsidy levels for new-energy vehicle purchases in North America also affect demand-side conditions—and thus sales performance. From Q1 production and delivery data, Tesla’s output exceeded deliveries, with a gap of 46,600 units.

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