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Tesla Motors Inc (TSLA): China Woes Lead To Job Cuts, Overhauls

Tesla Motors Inc (NASDAQ:TSLA)’s problems in China are resulting in job cuts and an overhaul of the company’s strategy in the Asian country, a report from CNN reveals.

According to the news organization, Tesla Motors Inc (NASDAQ:TSLA) spokesman Gary Tao has said that his company has been cutting jobs in China since the beginning of 2015. He also confirmed that there is a restructuring in the company for its operations in China.

Gao is also quoted by Bloomberg as saying that same.

The statements from the Tesla Motors Inc (NASDAQ:TSLA) spokesman confirming job cuts in the company to the two news organizations come hot on the heels of a report from the Economic Observer, a Chinese daily, that the American electric car maker is cutting 180 jobs in China.

Gao did not reveal how many jobs are affected by the changes to the company’s plans in the Asian country.

Tesla, is TSLA a good stock to buy, China, job cuts, restructuring,

Tesla Motors Inc (NASDAQ:TSLA) has earlier confirmed through statements made by its founder and chief executive, Elon Musk, that sales is slow in China. Musk said that there was a misconception that charging his company’s electric vehicles will be hard.

According to Bloomberg, high-profile executives of the company have left in recent times. They include former Tesla China president Veronica Wu and former communications vice president June Jin.

Tesla’s Model S started selling in China in 2013 with deliveries started last year.

John Thaler’s JAT Capital Management ended 2014 with 684,456 shares in Tesla Motors Inc (NASDAQ:TSLA). The stake was down 32% quarter over quarter by the end of 4Q2014.

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