Tesla reorganization – green car company handing out pink slips

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We have been covering lately the effect the large stock market losses have had on Detroit’s Big Three automakers, but something we forgot to look at were the little guys. It seems that the Wall Street’s losses are hitting hard for electric carmaker Tesla . The shake up at Telsa will include layoffs (exact number is unknown) as well as founder and Silicon Valley entrepreneur Elon Musk will be taking the reins as CEO.

Another causality will temporarily be the Model S sedan . Musk said in a statement on the company’s website that Tesla will slow development of the sedan until a loan guarantee from the Department of Energy is available. The Model S should begin production by mid-2011 according to Musk.

Source: Autoblog

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