Results for: Job Cuts

Careers site Indeed is laying off about 1,000 employees, or 8% of its workforce, in an effort to simplify its organization and reduce organizational layers. The company’s CEO, Chris Hyams, took responsibility for the job cuts and said that the firm is still not set up for growth after last year’s global slowdown in hiring resulted in declining sales. The latest cuts will be more concentrated in the US and will primarily affect research-and-development and go-to-market teams. The company will work to ensure that underrepresented groups are not disproportionately affected by the layoffs.

Tesla’s profits have dropped significantly in the first quarter of 2023, due to increased competition and slowing demand for electric vehicles. Amidst these challenges, the company has announced plans to accelerate the production of new, more affordable models. Despite the decline in profits, Tesla’s stock price surged in after-hours trading on Tuesday.

CarStore, a major UK car dealership, is closing 16 sites and cutting around 250 jobs. The move comes months after the company was acquired by US firm Lithia. CarStore, as well as Evans Halshaw and Stratstone, will shift focus to operations at remaining branches.

Tesla announced plans to cut 400 jobs at its German gigafactory near Berlin. The company cited a weakened electric car sales market and intends to implement the cuts through a voluntary program. Tesla’s Gruenheide site currently employs over 12,000 staff, and the carmaker had previously parted ways with around 300 temporary workers as part of plans for global cuts of around 10%. The move comes ahead of Tesla’s first-quarter results announcement later on Tuesday, with investors anticipating the group’s lowest gross profit margin in more than six years due to declining demand for electric vehicles.

Seating systems company Adient (NYSE: ADNT) has announced plans to cut jobs overseas in order to reduce expenses. The exact number of positions being eliminated is still unknown, but the company intends to shift jobs to countries with lower labor costs. This decision follows lackluster sales figures in the first quarter and is part of a broader trend of layoffs in the corporate sector amid economic headwinds.