Tesla recently laid off around 500 employees, including senior leadership of its Supercharging team, raising concerns about the future of Tesla's EV charging network. Tesla's Supercharging network is one of the largest in the world with over 55,000 charging ports, and is seen as one of Tesla's most valuable assets. The abrupt cuts have created uncertainty about its expansion plans. Tesla's CEO Elon Musk said the company will still invest $500 million in Superchargers this year, but expand faster than before. The cuts come as Tesla faces more competition from other automakers expanding their EV options and charging networks.
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00:00 It's Benzinga and here's what's on the block.
00:02 Tesla recently laid off around 500 employees, including senior leadership of its supercharging
00:07 team, raising concerns about the future of Tesla's EV charging network. Tesla's supercharging network
00:12 is one of the largest in the world with over 55,000 charging ports and is seen as one of
00:17 Tesla's most valuable assets. The abrupt cuts have created uncertainty about its expansion plans.
00:23 Tesla CEO Elon Musk said the company will still invest $500 million in superchargers this year,
00:28 but expand at a slower pace than before. The cuts come as Tesla faces more competition from
00:34 other automakers expanding their EV options and charging networks. For all things money,
00:38 visit Benzinga.com.