"Tesla's Buffalo Layoffs: Restructuring and Stock Slide"
Tesla is laying off 285 employees in Buffalo, New York as part of a broader restructuring, with most of the affected employees working at the company's Buffalo factory. The layoffs are part of CEO Elon Musk's plan to reduce more than 10% of the global workforce to prepare for the company's next phase of growth. The Buffalo factory, originally intended for solar panel manufacturing, now assembles Supercharger equipment and houses part of Tesla's Autopilot data labeling team. The company's solar business has faltered, with solar deployments declining in recent years. Tesla's energy division still generates most of its revenue through sales of backup batteries. Musk has indicated a focus on autonomy technology, and the company's future plans will likely be discussed during the first-quarter results call with shareholders on April 23.
