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Tesla is rumoured to be planning another round of layoffs for the coming quarter

Tesla is preparing for the worst in the face of rising oil prices and a weakening economy. The automaker, according to the blog’s source, will conduct another round of layoffs in the first quarter of 2023 and will also freeze hiring across the board. This comes after the company resumed hiring in the second half of 2022 after a hiring freeze and the first round of layoffs in June of that year.

Naturally, macroeconomic circumstances don’t seem to be improving anytime soon, so it may be a rationale for Tesla to adopt steps to halt or cut spending on personnel. However, Tesla is under extra stress as a result of its stock price decline, which started in late September/early October and intensified again at the end of October when Elon Musk finalised his purchase of Twitter.

Musk has lately said that the issue is not unique to Tesla but rather is a consequence of increased interest rates on bank accounts and overall market volatility. Yet detractors continue to blame Musk’s lack of focus for the company’s recent bad performance with investors.