The race is on for overseas automakers trying to rule China, and Wall Street is excitedly watching to see which company will be “the winner that takes most” there. When it comes to Tesla in China, the debate looms large, with bears expressing concerns about weakening policy support. Meanwhile bulls say that Tesla has what it takes to rule the EV market in China at the very least.
Both Piper Jaffray and Nomura have published reports on Tesla in China this week already—and it’s only Tuesday. Tesla stock popped on Tuesday following Piper Jaffray’s report despite the revelation that the latest round of firings at the company may not have been performance-based as the company has claimed.
Current and former employees reportedly told CNBC that Tesla is trying to disguise last week’s round of firings as performance-related, but they allege that the terminations seem to be aimed at cuttings costs instead. The San Jose Mercury News reported last week that Tesla had dismissed 400 to 700 workers. However, one former employee now alleges that more than 700 have been fired by now as the terminations have stretched into a second week. The person cited “internal information shared by a manager,” reports CNBC.
Bonhoeffer Fund's performance update for the month ended July 31, 2022. Q2 2022 hedge fund letters, conferences and more The Bonhoeffer Fund returned 3.5% net of fees