June 13 (Renewables Now) - Tesla Inc (NASDAQ:TSLA) will slash employee numbers by around 9% and end its residential solar and battery sales agreement with Home Depot Inc (NYSE:HD) as part of a restructuring.
Elon Musk, CEO of the electric cars and clean energy firm, said so in a letter to employees, promising that many of the Tesla people working at Home Depot would be able to move over to the company’s own retail locations.
Musk stressed that the job cuts would not hurt the firm’s ability to achieve Model 3 production targets as production associates would not be affected. In fact, additional production personnel is needed at Tesla, he added.
The partnership with Home Depot, announced early in 2018, involved the establishment of Tesla kiosks at some 800 Home Depot sites.