Elon Musk is prioritizing sales over profits in hopes that Tesla’s full self-driving software would eventually burnish margins, a plan that could deepen an already fierce price war in the electric-vehicle industry. Shares of the automaker fell 3 percent before the bell on Thursday after Mr. Musk signaled there might not be any let-up in…
Gap Cuts 1,800 Corporate Jobs Amid Sales Slump
Apparel retailer Gap announced on Thursday that it will lay off 1,800 employees as it looks to cut costs amid weak sales and excess inventory. The San Francisco-based chain said in a regulatory filing that employees in its San Francisco and New York offices, as well as upper field positions such as regional store managers, will…
Tesla Cuts US Prices for 6th Time This Year
Tesla Inc. cut prices for some of its Model Y and Model 3 vehicles in the United States for the sixth time this year to juice demand as competition among electric-vehicle makers heats up around the world. The cuts came ahead of Tesla’s first-quarter earnings. Tesla on Wednesday posted its lowest quarterly gross margin in two…
Amazon Plans to Trim Employee Stock Awards Amid Tough Economy
Amazon.com Inc. said it would reduce employee stock awards, a part of its compensation plan, as the e-commerce giant navigates an uncertain economy. “We made the decision to reduce RSU [restricted stock units] awards in the final outlook year by a small amount [other years are not impacted],” an Amazon spokesperson said in an emailed…
Tesla Cuts US Model S and Model X Prices Between 4 Percent and 9 Percent
Tesla Inc. has cut prices on its two most expensive electric vehicles in the United States, according to the company’s website, days after Chief Executive Elon Musk said recent price cuts on other models had stoked demand. The price cuts, Tesla’s fifth adjustment since the start of the year, ranged from 4 percent on the…
Ford to Cut 1 in 9 Jobs in Europe in Electric Revamp
BERLIN—Ford plans to cut one in nine jobs in Europe, axing 3,800 roles in product development and administration as part of a drive to lower costs in the region and concentrate engineering know-how in the United States, the automaker said on Tuesday The U.S. carmaker leads the European market for commercial vans, but has struggled…
Boeing Plans to Cut About 2,000 Finance and HR Jobs in 2023
SEATTLE—Boeing plans to make staffing cuts in the aerospace company’s finance and human resources departments in 2023, with a loss of around 2,000 jobs, the company said. “We expect about 2,000 reductions primarily in Finance and HR through a combination of attrition and layoffs,” Boeing said in a statement Monday. “While no one has been…
‘They Fire, We Hire’: Germany Seizes on Silicon Valley’s Woes
BERLIN—Faced with a tight labor market and a shortage of workers with key software engineering skills, some German companies are looking at thousands of layoffs in Silicon Valley as an opportunity to recruit top talent. The U.S. West Coast has always been the main destination for ambitious software engineers looking to work in the best-paid,…
SAP to Cut Up to 3,000 Jobs Worldwide, Mulls Qualtrics Sale
January 26, 2023
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BERLIN—SAP said Thursday that it is cutting up to 3,000 jobs worldwide, or about 2.5 percent of its workforce, after a sharp drop in profits at Europe’s biggest software company. It comes amid a broader wave of job cuts in the technology industry, including mass layoffs at Google, Amazon, Microsoft, and other tech giants in…
Ford to Cut up to 3,200 European Jobs, Union Says, Vowing to Fight
BERLIN—Ford Motor Co. plans to cut up to 3,200 jobs across Europe and move some product development work to the United States, Germany’s IG Metall union said on Monday, vowing action that would disrupt the carmaker across the continent if the cuts go ahead. Rising costs for electric vehicle battery materials and projected slowdowns in…
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