Millions For What? Tesla Reportedly Took $17M In Federal Charging Grants Before Elon Musk Laid Off Supercharger Team
Portfolio Pulse from Anan Ashraf
Tesla Inc (NASDAQ:TSLA) received over $17 million in federal grants for EV charging infrastructure before announcing layoffs within its supercharger team and scaling back its deployment goals. Despite the cutbacks, experts believe Tesla's involvement in the charging network is beneficial due to its expertise. The company plans to continue expanding its supercharger network, albeit at a slower pace, after laying off 10% of its workforce to focus on vehicle autonomy.
May 02, 2024 | 7:50 am
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Tesla Inc received significant federal grants for EV charging infrastructure but is scaling back its supercharger deployment after workforce reductions.
The news of receiving federal grants juxtaposed with the decision to lay off the supercharger team and slow down deployment might have mixed impacts on Tesla's stock. On one hand, the grants and continued expansion, albeit slower, could be seen positively. On the other, layoffs and scaling back could raise concerns about Tesla's operational efficiency and future growth prospects in the charging infrastructure sector.
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