Tesla cuts jobs as it looks to make Model 3 more affordable
Updated : January 21, 2019 07:07 AM IST
The company, which has struggled to achieve long-term profitability and keep a tight lid on expenses, also said it expects fourth-quarter profit to be lower than the preceding quarter.
Chief Executive Officer Elon Musk said the need for lower-priced versions of Model 3 will become even greater from July, when the US tax credit again drops in half, adding $1,875 to the car's price tag.
The company reported a profit of $311.5 million, or $1.75 per share, for the third quarter ended September 30, which Musk called Tesla's "first meaningful profit" since the company started.
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