Tesla Motors fired hundreds of workers after completing its annual performance reviews, even though the electric automaker is trying to ramp up production to meet the demand for its new Model 3 sedan.
The Palo Alto, California-based company confirmed the cuts in a Saturday statement, but didn't disclose how many of its 33,000 workers were jettisoned. The San Jose Mercury News interviewed multiple former and current Tesla employees who estimated 400 to 700 workers lost their jobs.
FILE - This Oct. 24, 2016, file photo shows Tesla Model S on display in downtown Los Angeles. Tesla Motors fired hundreds of workers after completing its annual performance reviews, even though the electric automaker is trying to ramp up production to meet the demand for its new Model 3 sedan. The Palo Alto, California-based company confirmed the cuts in a Saturday, Oct. 14, 2017 statement, but didn't disclose how many of its 33,000 workers were jettisoned. (AP Photo/Richard Vogel, File)
The housecleaning swept out workers in administrative and sales jobs, in addition to Tesla's manufacturing operations.
An unspecified number of workers received bonuses and promotions following their reviews, according to the company.
Tesla is under pressure to deliver its Model 3 sedan to a waiting list of more than 450,000 customers. The company so far has been lagging its own production targets after making just 260 of the vehicles in its last quarter.
Including other models, Tesla expects to make about 100,000 cars this year. CEO Elon Musk is aiming to increase production by five-fold next year, a goal that probably will have to be met to support Tesla's market value of $59 billion — more than Ford Motor Co.
Unlike Ford, Tesla still hasn't posted an annual profit yet.
Despite the mass firings, Tesla is still looking to hire hundreds more workers.
FREMONT, Calif.--(BUSINESS WIRE)--Apr 23, 2024--
Nextracker (Nasdaq: NXT), a global provider of intelligent solar tracker and software solutions, today announced the availability of its flagship NX Horizon ™ solar tracker system with up to 35% lower carbon footprint. Marking a significant milestone for solar energy, the NX Horizon low carbon tracker solution culminates Nextracker’s technology leadership and robust supply chain solutions including the use of electric arc furnace (EAF) manufacturing, recycled steel, and logistics strategically located near project sites.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240423430902/en/
Initially offered in the United States, the low carbon tracker solution includes Life Cycle Assessment (LCA) documentation using a third-party verified analysis of environmental benefits, including reductions in carbon footprint, land use, water consumption and other metrics associated with the sourcing, manufacturing, delivery, and operation of solar trackers. Nextracker also achieved the Carbon Trust1 Product Carbon Footprint label certification for its NX Horizon low carbon solar tracker system demonstrating it has met the global standard for carbon emission data collecting, evaluation and reporting methodology throughout the life cycle of its solar trackers.
“Our low carbon tracker delivers measurable results in decarbonizing solar power through circular and increasingly renewably powered steelmaking, optimized logistics, and careful selection of raw material providers,” said Dan Shugar, Nextracker founder and CEO. “We appreciate our customers helping us drive toward a cleaner, more robust supply chain to provide third-party verification for providers and consumers of solar power to meet their Scope 3 and other decarbonization goals and requirements.”
Nextracker secured initial orders for its newly launched NX Horizon low carbon tracker from several solar customers–both have committed to reduced carbon solar tracker systems for their U.S.-based solar power projects.
“Nextracker's commitment to advancing low carbon solutions exemplifies the innovation and leadership needed to propel the energy sector forward. At Sol Systems, we are proud to collaborate with partners like Nextracker who share our vision for a cleaner, more resilient energy landscape. Together, we are not just promoting low carbon technologies; we are setting the standards for tomorrow’s energy infrastructure,” said Yuri Horwitz, Sol Systems co-founder and CEO.
“Upstream control for sourcing sustainably produced steel and components is highly complex and requires expertise and deep partnerships to navigate,” stated Kevin Smith, chief executive officer at Arevon. “Nextracker continues to be an industry leader on operational excellence along with solar tracker engineering design that already significantly reduces the carbon footprint for our utility-scale solar projects.”
Nextracker is at the forefront of implementing sustainable supply chain solutions for the energy sector through controlled upstream sourcing of raw materials and domestic manufacturing for its solar tracker systems. Electric Arc Furnace (EAF) processing uses recycled steel and electricity to generate new steel, significantly reducing greenhouse gas emissions compared to traditional Basic Oxygen Furnace (BOF) operations, which rely on iron ore and coal. This not only aligns with Nextracker’s commitment to minimize environmental impact but also leverages American scrap steel supply enabling resource efficiency and growth for the U.S. steel industry. Nextracker has also reduced carbon-intense 2 materials such as aluminum from its NX Horizon low carbon offering to under 1% aluminum by weight in the product.
Jon Moore, CEO of research firm BloombergNEF: “Industry represents more than 20% of global greenhouse gas emissions; steel alone is 7%, making it a crucial industry to decarbonize. Based on our analysis, the steel sector invested $35 billion last year in clean capacity globally, but much more is needed to reach net-zero. Demand for green steel is an important signal to steelmakers that they need to bring new, low-carbon capacity online and accelerate their net-zero transition.”
The new NX Horizon low carbon tracker offering is available now with the first shipments scheduled for later this year. For more information, visit our website.
Nextracker at CLEANPOWER 2024
Learn more from Nextracker panel speakers at this year’s CLEANPOWER (ACP) conference being held May 6-9, 2024 at the Minneapolis Convention Center for a discussion on the following topics:
About Nextracker
Nextracker is a leading provider of intelligent, integrated solar tracker and software solutions used in utility-scale and distributed generation solar projects around the world. Its products enable solar panels to follow the sun’s movement across the sky and optimize plant performance. With plants operating in more than thirty countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, visit Nextracker.com
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to future orders, demand for Nextracker’s offerings and scheduled shipments of Nextracker products. These forward-looking statements are based on various assumptions and on the current expectations of Nextracker’s management. These statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements, including risks and uncertainties that are described under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Nextracker’s most recent Quarterly Report on form 10-Q, Annual Report on Form 10-K and other documents that Nextracker has filed or will file with the Securities and Exchange Commission. There may be additional risks that Nextracker is not aware of or that Nextracker currently believes are immaterial that could also cause actual results to differ from the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. Nextracker assumes no obligation to update these forward-looking statements.
1 The Carbon Trust is an independent organization that provides verification of sustainability achievements. The Carbon Trust's Product Carbon Footprint label verifies that a brand is working to measure and reduce a product's carbon emissions. LCA is a method that assesses the environmental impact of a product's life cycle through data collection and evaluation. It considers all phases of a product's life, including raw material extraction, production, use, and disposal. LCA also records and calculates the greenhouse gases produced during a product's life cycle.
2 International Energy Agency, 2023, https://www.iea.org/energy-system/industry/aluminium
Nextracker introduces industry’s first solar tracker with up to 35 percent reduced carbon footprint (Photo: Nextracker)
