It grew from being a tech start-up to a mass-market automaker in little over ten years, investing billions in its clean energy division and witnessing a sharp increase in value.
However, the business is currently having trouble with declining auto sales, fierce competition from Chinese automakers, and issues with its much-discussed Cybertruck.
Reduced sales have impacted the company’s earnings and revenues. Since the beginning of the year, the share price has decreased by over 25%.
It has lowered pricing in significant areas and is currently letting go of 14,000 workers, or 10% of its total staff worldwide. Senior executives and the whole team behind its highly regarded supercharger are among those impacted.
