Tesla (NASDAQ:TSLA) employees have seen a difficult week. On Wednesday, CEO Elon Musk sent out an email decreeing that all workers should either return to their offices for “at least 40 hours per week” or seek other opportunities. Today also began with a report that Musk intends to lay off 10% of the salaried workforce due to his bad feelings about the economy. This news sent TSLA stock into a tailspin — and it hasn’t stopped falling since. Shares closed down 9%.
It hasn’t been all bad news for Tesla, though. Specifically, investors received positive updates on both Musk’s Twitter (NYSE:TWTR) acquisition and production at the Shanghai factory. While Musk has not discussed the pending deal, there are new reasons to believe it will move forward. And while Tesla’s AI day has been delayed, another exciting update hints that the infamous Cybertruck may hit the road by 2023.
Let’s take a closer look at this week’s most important TSLA stock headlines.
Top Headlines for TSLA Stock Investors
- Twitter Says Antitrust Waiting Period for Elon Musk Deal Has Passed
Elon Musk’s acquisition of Twitter has cleared another hurdle. According to Twitter, the 30-day antitrust period for the deal has passed as of today. While the deal is subject to shareholder approval, this is still a step forward for Musk. His dispute over Twitter’s alleged bot user count has still not been resolved, but Twitter shows no signs of budging from holding Musk to his original offer. This news helped TWTR stock rise today as TSLA shares fell.
2. Tesla shares dip on Elon Musk’s plans to cut workforce
News of Tesla’s workforce reduction pushed shares down today. In an email, Musk said he is having “super bad feelings” about the economy. As Musk sees it, the solution is to implement a hiring freeze and lay off 10% of Tesla’s salaried workforce. These grim predictions quickly pushed TSLA stock down in pre-market hours and throughout the day. The company has not confirmed which departments or facilities will see the most layoffs, or when the layoffs will occur.
3. Panasonic sends Tesla new EV battery samples ahead of production surge
Tesla had been quiet about electric vehicle (EV) battery progress lately, but that changed on June 1. Specifically, Panasonic (OTCMKTS:PCRFY) announced that it had shipped a sample of its 4680 format EV batteries to Tesla. The Japanese electronics producer added that it’s preparing for a “surge in North American power pack production.” Kazuo Tadanobu, the CEO of the company’s energy division, said the company began large-scale battery production in May. Reuters reports that this may be an indication Panasonic is planning to build a production plant in the U.S. to “feed Tesla’s EV expansion plans.”
4. Tesla Shanghai plant restores weekly output to 70% of pre-lockdown level – sources
Plenty of experts have speculated on Tesla’s inability to restore production at its Shanghai factory. As May ended, though, the company reported that it increased weekly output to almost 70% of what it had been before Covid-19 lockdowns. According to anonymous sources, Tesla expects output to increase even further this week. Tesla is determined to continue scaling production despite labor and supply-chain constraints.
5. Tesla is getting the world’s largest casting machine, and it’s for Cybertruck
This week, Tesla purchased a Giga Press — the world’s biggest casting machine — to be used for production of the Cybertruck. Tesla gave fans a look at its highly anticipated Cybertruck at the Cyber Rodeo back in April. Since Tesla debuted the truck’s futuristic design, fans have been captivated. Even vague updates on the EV have sent TSLA stock up. This latest investment in large-scale casting technology will help Tesla meet its goal of starting Cybertruck production in 2023.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.