Tesla Trails Ford and GM in Revenue Generated Per Worker

• As Tesla CEO Elon Musk reportedly ponders layoffs, recent financial reports from U.S. automakers show the leading electric vehicle (EV) manufacturer lags in the amount of revenue generated for each of its employees.
• Tesla reported almost $97Bn in revenue last year, equivalent to just under $690,000 for each of its over 140,000 employees. By comparison, General Motors generated over $1Mn in revenue for each of its 163,000 employees in 2023, and Ford Motors raked in $937,000 for each of its 173,000 workers.
• Tesla's gross margins - once the envy of other automakers - shrank in the December quarter to their lowest since 2019. In the same quarter, its revenue rose 3% to $25.17Bn, its slowest pace of growth in more than three years.
• While Tesla's revenue per worker lagged GM and Ford last year, it improved over 2022, when it was $637,000. Tesla increased its global workforce by about 10% in 2023, according to a recent filing.

(Source: Reuters)