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News on Medial
Tesla asks which jobs are critical, stoking layoff fears
Livemint
·
1y ago
Medial
Tesla Inc. managers have been asked to determine whether each of their employees' positions is critical, leading to speculation of potential job cuts. This move aligns with Elon Musk's focus on cost-cutting efforts amid a slowdown in Tesla's sales growth. The carmaker's shares rose by as much as 3% following the news. Tesla's workforce has doubled since 2020, with over 140,000 employees globally. However, the company has made select cutbacks, terminating dozens of employees last year. Tesla is preparing for its next growth wave with the introduction of a lower-cost vehicle next year.
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Tesla's EV charging team layoffs threaten to slow Biden's program to electrify highways
Economic Times
·
1y ago
Medial
Elon Musk's decision to downsize Tesla's electric-vehicle charging team is causing disruptions in plans to roll out new fast-charging stations and may hinder President Joe Biden's push to electrify U.S. highways. Tesla's layoff announcement has prompted calls from landlords seeking new partners for their private charging projects after Tesla withdrew. The charging companies are now preparing for Tesla to pull out of the federal program, potentially delaying the rollout of the National Electric Vehicle Infrastructure initiative. Other charging startups and recently laid-off Tesla employees may benefit from the situation by filling the void left by Tesla.
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Intel cuts over 500 jobs in Oregon as part of layoff plan - The Economic Times
Economic Times
·
1m ago
Medial
Intel is set to cut over 500 jobs in Oregon as part of a broader layoff plan, aiming to reduce around 20% of its workforce. The job cuts will affect facilities in Aloha and Hillsboro, eliminating 529 positions permanently. This move follows a recent layoff in California, where 107 employees were let go. The effort seeks to streamline operations under new CEO Lip-Bu Tan, aiming for a leaner and more efficient company.
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Dominant Chinese makers of bitcoin mining machines set up US production to beat tariffs
Economic Times
·
1m ago
Medial
Chinese bitcoin mining machine manufacturers Bitmain, Canaan, and MicroBT are expanding to the U.S. to mitigate the impact of tariffs from Trump's trade policies. These companies, which produce over 90% of global mining rigs, aim to establish U.S. bases as a strategic move. However, there's a potential risk of stoking U.S. security concerns regarding Chinese technology influence. The ongoing trade war is prompting structural changes in the bitcoin supply chain, affecting manufacturers and consumers alike.
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'Only 5-7% of the population has formal jobs...': CIO raises alarm over India’s deepening crisis
Business Today
·
4m ago
Medial
India faces a critical employment challenge, with only 5-7% of its population holding formal jobs, requiring the creation of 7.85 million jobs annually. Current employment gains are unsustainable without reforming labor laws, reducing compliance burdens, and streamlining business regulations. While there are signs of declining unemployment and improved labor force participation, these issues highlight the urgent need for systemic changes to secure long-term economic stability and growth.
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More than 30,000 tech employees lose jobs globally in first month of 2024
Economic Times
·
1y ago
Medial
According to data compiled by layoff-tracking website Layoffs.fyi, more than 30,000 tech employees have lost their jobs globally in the first month of 2024. This comes after a year in which tech companies, including startups, fired over 425,000 employees worldwide. Several well-known companies, including Zoom, Okta, PayPal, iRobot, Salesforce, Swiggy, eBay, YouTube, and Google, have announced significant job cuts. The CEO of Google, Sundar Pichai, has also warned that there may be more job cuts in the future.
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Appraisals are joke: Founder slams firms, asks employees to switch
Internet
·
1y ago
Medial
NamasteDev startup founder Akshay Saini slams Indian companies for meagre salary hikes. He advises fellow professionals to switch jobs for higher pay, claiming internal promotions are slow. Saini emphasizes the importance of salary, urging underpaid workers to seek better opportunities. Social media users echo his sentiment, sharing stories of successful job switches for higher salaries.
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AI isn't driving tech layoffs — but it does make a good scapegoat
Business Insider
·
1y ago
Medial
Fears of AI-driven job cuts are on the rise as the use of technology continues to grow. While reports suggest that AI is already impacting the workforce, experts argue that the elimination of jobs is not a direct result of AI but rather driven by other factors like outsourcing or cost-cutting measures. Despite concerns, there is little clear evidence that companies are replacing employees with AI on a large scale. However, the development and investment in AI are leading to restructuring and layoffs in certain areas to focus on AI technology.
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GM lays off over 1,000 salaried software, services employees
Economic Times
·
11m ago
Medial
General Motors (GM) is cutting over 1,000 salaried jobs at its software and service units globally. The layoff decision aligns with the company's strategy to streamline operations and focus on key investments. Around 600 positions will be eliminated at GM's tech campus near Detroit. The move reflects the company's commitment to simplifying operations and making strategic choices in a rapidly changing automotive industry.
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AI will create more jobs for freshers: Cognizant CEO Ravi Kumar
Economic Times
·
1m ago
Medial
Cognizant CEO Ravi Kumar claims AI will generate more jobs for freshers, despite fears of job losses. He argues that AI lowers expertise requirements, enhancing productivity, especially for junior developers whose productivity rose by 37%. As AI tools proliferate, engineering roles will shift from coding to guiding AI agents. Kumar believes that rather than reducing jobs, AI's cost-efficiency will lead companies to expand operations, reflecting Google's Sundar Pichai's view on AI's role in meaningful work.
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Electric car demand set to stall in Europe's 'valley of death'
Economic Times
·
1y ago
Medial
Despite a 47% increase in fully-electric car sales in Europe for the first nine months of 2023, automakers such as Tesla, Volkswagen, and Mercedes-Benz are concerned about a go-slow phase in the market. High interest rates and customers' uncertainty about EVs meeting their safety, range, and price requirements are factors contributing to the slowdown. Consumers are waiting for next-generation models in a couple of years rather than buying vehicles that could quickly depreciate. Other concerns include a lack of charging infrastructure, battery life fears, and the higher prices of EVs compared to fossil-fuel models.
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