Tesla Motors might be in trouble already as job cuts announced

Tesla Motors might be in trouble already as job cuts announced

Tesla Motors is one of the most revolutionary automakers in the recent times.

The company currently has on offer the $109,000 electric sports car Tesla Roadster and they are working on a new model whose launch is now delayed.

Tesla is also cutting jobs as they aim to save cash in these worsening economic conditions.

The company added that they would now rely on low-cost, taxpayer-backed loans to cover most of the development costs of their new model.

Tesla has been working on a family car which they aim to price at around $60,000.

Elon Musk, founder of Tesla wrote in a blog post about the new developments in the company: “The global financial system has gone through the worst crisis since the Great Depression and the effects are only beginning to wind their way through every facet of the economy. It’s not an understatement to say that nearly every business will be impacted by what has unfolded in the past weeks, and this is true for Silicon Valley as well.”

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