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Electric carmaker Tesla plans big round of layoffs
The electric carmaker also plans to ramp up production of its high-end Roadster.
By Ken Bensinger
October 25, 2008

Struggling to raise money amid the financial crisis, electric carmaker Telsa Motors Inc. will eliminate nearly a quarter of its workforce in a bid for profitability.

Chairman and Chief Executive Elon Musk said Friday that Tesla would cut as many as 87 staff and full-time contract workers, or 24% of the 363-person total. The company also will attempt to raise $25 million, rather than the $100 million it had been seeking.

Last week, the Santa Rosa-based start-up said it would delay production of its electric sedan, close two offices, increase production of its $109,000 Roadster and lay off an unspecified number of employees.

Over the last week, affected workers were notified, although the exact number of jobs to be lost is not certain because it remains unclear how many employees in its Rochester Hills, Mich., engineering office will accept offers to relocate to the Bay Area.

Electric carmaker Tesla plans big round of layoffs - Los Angeles Times