Tesla Inc. shares dropped Tuesday after the electric-vehicle maker reportedly cut hundreds of more jobs, including its entire Supercharger unit.
According to the reports, about 500 people were laid off — including Rebecca Tinucci, senior director of the Supercharger group, and Daniel Ho, head of Tesla’s new-vehicles program.
The Supercharger unit is responsible for Tesla’s steadily growing network of public recharging stations, which is becoming the industry standard for electric vehicles,
The layoffs have raised worries that the move will slow the wider adoption of EVs in the U.S., if there are fewer-than-expected charging stations being built.
Despite reporting sharp drops in quarterly profit and revenue in the first quarter, Tesla shares surged last week as Musk promised an affordable EV by early next year.