Tesla conducting more layoffs, including entire Supercharger team
Just after laying off “more than 10%” of its global workforce, Tesla is laying off even more employees – including senior executives and long-time veterans of the company, most notably the entire Supercharging team and the executive responsible for negotiating NACS adoption across the industry.
Tesla started the week before last with news of a huge round of layoffs.
The layoffs were quite broad across the company. Tesla shortened production shifts at Gigafactory Texas and cleared out several teams associated with critical projects there.
One of those heads was Drew Baglino, former VP of Powertrain and Energy Engineering, who had been with the company for 18 years and led the 4680 cell project. While his resignation is being publicly portrayed as voluntary, it is speculated that disappointment with progress on the 4680 project had something to do with it.
Tesla also lost key executive Rohan Patel, its head of policy and business development, during these layoffs.
And as we learned last week, the company also fired its entire new ad team.
But when we originally heard about Tesla’s upcoming layoffs, the rumors we heard suggested that the numbers could involve up to 20% of the company’s workforce. We had seen other signals that layoffs might be coming, but the specific tip came from an anonymous source within Tesla who was correct about the layoff’s timing, though not correct about its scale.
Now, more layoffs have been finalized through an email from CEO Elon Musk to executives, first reported by The Information, stating that 6-year veteran Rebecca Tinucci, Tesla’s Senior Director of EV charging, would be leaving the company on Tuesday, along with nearly all of her 500-person charging team (“a few” employees will be reassigned, according to The Information).
Tinucci was responsible for Tesla’s EV charging business, including Supercharging, which means that the cutting of the Supercharger team may reflect a change in direction for Tesla. Tesla has been very successful at getting manufacturers to adopt its NACS plug – an effort led by Tinucci, which got her onto the TIME 100 Climate list – leading many to suggest that it will be able to run a profitable energy delivery business for a long time to come (here’s her presentation from Investor Day 2023).
The email states that Tesla will continue to build out some new Superchargers, and will finish those under construction. But relieving the team of its duty may signal a reduction in buildout of the system – at a time when, if anything, faster charging station deployment is needed.
Another executive layoff is 10-year veteran Daniel Ho, Director of Vehicle Programs and New Product Initiatives, who was program manager for the Model S, 3 and Y and had previously served 12 years at Ford in product roles.
In recent quarters, Tesla has guided for a “pause” inbetween growth phases, expecting that sales growth would be more modest until the release of next-gen vehicles like the cheaper “Model 2” and robotaxi products. There has been some back–and–forth over what form those products would take – but laying off the head of New Product Initiatives reflects potential problems within that team as well.
Further, most of former executive Rohan Patel’s public policy team will be eliminated – at a time when many public policy challenges around DC charging, home charging, emissions standards, climate change, and political hostility to superior EV technology are still looming.
Musk said, in his typical bluster, that he wants Tesla to be “absolutely hard core” about headcount reduction, saying that executives whose subordinates “don’t obviously pass the excellent, necessary and trustworthy test” would find themselves relieved of duty as well – suggesting that he wants those executives to fire more employees or be fired themselves.
All of this news comes at a critical time for Tesla, following a quarterly earnings miss in which Tesla significantly missed delivery and earnings estimates, and had a rare year-over-year reduction in sales
Tesla’s layoffs come at a time when many other companies in the tech industry are laying off staff, in an apparent game of follow-the-leader while industry profits are still high.
Electrek’s Take
Firstly – it makes absolutely no sense to lay off the Supercharger team. Supercharging is an incredible opportunity for Tesla, especially now that everyone else has adopted NACS.
Tesla has a fairly simple business case from here on out to become the leading “gas station of the future.” With its experience and lead on Superchargers, its more reliable and better-designed stations, and its existing business footprint with so many stations installed around the globe, the company has a natural lead. This business case is even stronger now that the entire industry is behind NACS.
To lay off that whole team just when the company has earned such a big win, when billions in public money is available for buildout (which would not have been available without industry NACS adoption, which was, again, spearheaded by Tinucci’s negotiations), and when there is a lead to be maintained, is absolutely crazy. This move, alone, would erode any confidence I had left in Tesla’s CEO – if I still had any.
On layoffs in general, we noted in our coverage of Tesla’s layoffs that the worst part about situations like this is that they greatly affect morale. We imagine morale can’t be great within Tesla right now after huge layoffs, but there can at least be a sense of relief that they’re over after a large round of layoffs closes.
But if Tesla is still doing layoffs, that sense of relief is gone, and employees will still be wondering whether they might show up to work without a job, as we heard happened to many employees on the first day of layoffs.
And while the last layoffs were distasteful enough, continued layoffs have even worse optics, given Tesla’s move to ask shareholders for a $55 billion payout for its CEO just days after firing 14,000 people. That $55 billion could pay for 40 years worth of six-figure salaries for those employees. Quite a large payday for a part-time CEO, made worse by the potential loss of livelihood for more employees who might still be on the chopping block.
Speculatively, there may even be more layoffs coming. A source who was correct about coming layoffs but not exactly correct about their scale or timing told us that potentially another 5% of staff could be laid off, including executives and long-time employees dating back to the Roadster days. These layoffs seem close to that rumor (though, again, on a smaller scale), but it’s possible that there may be more coming. Watch this space for news.
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Robinhood stock hit an all-time high Friday as the financial services platform continued to rip higher this year, along with bitcoin and other crypto stocks.
Robinhood, up more than 160% in 2025, hit an intraday high above $101 before pulling back and closing slightly lower.
The reversal came after a Bloomberg report that JPMorgan plans to start charging fintechs for access to customer bank data, a move that could raise costs across the industry.
For fintech firms that rely on thin margins to offer free or low-cost services to customers, even slight disruptions to their cost structure can have major ripple effects. PayPal and Affirm both ended the day nearly 6% lower following the report.
Despite its stellar year, the online broker is facing several headwinds, with a regulatory probe in Florida, pushback over new staking fees and growing friction with one of the world’s most high-profile artificial intelligence companies.
Florida Attorney General James Uthmeier opened a formal investigation into Robinhood Crypto on Thursday, alleging the platform misled users by claiming to offer the lowest-cost crypto trading.
“Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said in a statement.
The probe centers on Robinhood’s use of payment for order flow — a common practice where market makers pay to execute trades — which the AG said can result in worse pricing for customers.
Robinhood Crypto General Counsel Lucas Moskowitz told CNBC its disclosures are “best-in-class” and that it delivers the lowest average cost.
“We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction, and the revenue Robinhood receives,” added Moskowitz.
Robinhood is also facing opposition to a new 25% cut of staking rewards for U.S. users, set to begin October 1. In Europe, the platform will take a smaller 15% cut.
Staking allows crypto holders to earn yield by locking up their tokens to help secure blockchain networks like ethereum, but platforms often take a percentage of those rewards as commission.
Robinhood’s 25% cut puts it in line with Coinbase, which charges between 25.25% and 35% depending on the token. The cut is notably higher than Gemini’s flat 15% fee.
It marks a shift for the company, which had previously steered clear of staking amid regulatory uncertainty.
Under President Joe Biden‘s administration, the Securities and Exchange Commission cracked down on U.S. platforms offering staking services, arguing they constituted unregistered securities.
With President Donald Trump in the White House, the agency has reversed course on several crypto enforcement actions, dropping cases against major players like Coinbase and Binance and signaling a more permissive stance.
Even as enforcement actions ease, Robinhood is under fresh scrutiny for its tokenized stock push, which is a growing part of its international strategy.
The company now offers blockchain-based assets in Europe that give users synthetic exposure to private firms like OpenAI and SpaceX through special purpose vehicles, or SPVs.
An SPV is a separate entity that acquires shares in a company. Users then buy tokens of the SPV and don’t have shareholder privileges or voting rights directly in the company.
OpenAI has publicly objected, warning the tokens do not represent real equity and were issued without its approval. In an interview with CNBC International, CEO Vlad Tenev acknowledged the tokens aren’t technically equity shares, but said that misses the broader point.
“What’s important is that retail customers have an opportunity to get exposure to this asset,” he said, pointing to the disruptive nature of AI and the historically limited access to pre-IPO companies.
“It is true that these are not technically equity,” Tenev added, noting that institutional investors often gain similar exposure through structured financial instruments.
The Bank of Lithuania — Robinhood’s lead regulator in the EU — told CNBC on Monday that it is “awaiting clarifications” following OpenAI’s statement.
“Only after receiving and evaluating this information will we be able to assess the legality and compliance of these specific instruments,” a spokesperson said, adding that information for investors must be “clear, fair, and non-misleading.”
Tenev responded that Robinhood is “happy to continue to answer questions from our regulators,” and said the company built its tokenized stock program to withstand scrutiny.
“Since this is a new thing, regulators are going to want to look at it,” he said. “And we expect to be scrutinized as a large, innovative player in this space.”
SEC Chair Paul Atkins recently called the model “an innovation” on CNBC’s Squawk Box, offering some validation as Robinhood leans further into its synthetic equity strategy — even as legal clarity remains in flux across jurisdictions.
Despite the regulatory noise, many investors remain focused on Robinhood’s upside, and particularly the political tailwinds.
The company is positioning itself as a key beneficiary of Trump’s newly signed megabill, which includes $1,000 government-seeded investment accounts for newborns. Robinhood said it’s already prototyping an app for the ‘Trump Accounts‘ initiative.
WATCH: Watch CNBC’s full interview with Robinhood CEO Vlad Tenev
Korean auto giants Hyundai and Kia think lower-priced EVs will help minimize the blow from the new US auto tariffs. Hyundai is set to unveil a new entry-level electric car soon, which will be sold alongside the Kia EV2. Will it be the IONIQ 2?
Hyundai and Kia shift to lower-priced EVs
Hyundai and Kia already offer some of the most affordable and efficient electric vehicles on the market, with models like the IONIQ 5 and EV6.
In Europe, Korea, Japan, and other overseas markets, Hyundai sells the Inster EV (sold as the Casper Electric in Korea), an electric city car. The Inster EV starts at about $27,000 (€23,900), but Hyundai will soon offer another lower-priced EV, similar to the upcoming Kia EV2.
The Inster EV is seeing strong initial demand in Europe and Japan. According to a local report (via Newsis), demand for the Casper Electric is so high that buyers are waiting over a year for delivery.
Hyundai is doubling down with plans to introduce an even more affordable EV, rumored to be the IONIQ 2. Xavier Martinet, CEO of Hyundai Motor Europe, said during a recent interview that “The new electric vehicle will be unveiled in the next few months.”
The new EV is expected to be a compact SUV, which will likely resemble the upcoming Kia EV2. Kia will launch the EV2 in Europe and other global regions in 2026.
Hyundai is keeping most details under wraps, but the expected IONIQ 2 is likely to sit below the Kona Electric as a smaller city EV.
More affordable electric cars are on the way
Although nothing is confirmed, it’s expected to be priced at around €30,000 ($35,000), or slightly less than the Kia EV3.
The Kia EV3 starts at €35,990 in Europe and £33,005 in the UK, or about $42,000. Through the first half of the year, Kia’s compact electric SUV is the UK’s most popular EV.
Like the Hyundai IONIQ models and Kia’s other electric vehicles, the EV3 is based on the E-GMP platform. It’s available with two battery packs: 58.3 kWh or 81.48 kWh, providing a WLTP range of up to 430 km (270 miles) and 599 km (375 miles), respectively.
Hyundai is expected to reveal the new EV at the IAA Mobility show in Munich in September. Meanwhile, Kia is working on a smaller electric car to sit below the EV2 that could start at under €25,000 ($30,000).
According to the report, Hyundai and Kia are doubling down on lower-priced EVs to balance potential losses from the new US auto tariffs.
Despite opening its new EV manufacturing plant in Georgia to boost local production, Hyundai is still expected to expand sales in other regions. An industry insider explained, “Considering the risk of US tariffs, Hyundai’s move to target the European market with small electric vehicles is a natural strategy.”
Although Hyundai is expanding in other markets, it remains a leading EV brand in the US. The IONIQ 5 remains a top-selling EV with over 19,000 units sold through June.
After delivering the first IONIQ 9 models in May, Hyundai reported that over 1,000 models had been sold through the end of June, its three-row electric SUV.
While the $7,500 EV tax credit is still here, Hyundai is offering generous savings with leases for the 2025 IONIQ 5 starting as low as $179 per month. The three-row IONIQ 9 starts at just $419 per month. And Hyundai is even throwing in a free ChargePoint Home Flex Level 2 charger if you buy or lease either model.
Unfortunately, we likely won’t see the entry-level EV2 or IONIQ 2 in the US. However, Kia is set to launch its first electric sedan, the EV4, in early 2026.
Ready to take advantage of the savings while they are still here? You can use our links below to find deals on Hyundai and Kia EV models in your area.
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As EVBox shuts down its Everon business across Europe and North America, EV charging provider Blink Charging is stepping up to offer support to customers caught in the transition.
EVBox’s software arm Everon recently announced it’s winding down operations alongside EVBox’s AC charger business. That’s left a lot of charging station hosts and drivers wondering what comes next. Now, EVBox Everon is pointing its customers toward Blink as a recommended alternative.
Blink says it’s ready to help, whether that means keeping existing chargers up and running or replacing aging gear with new Blink chargers.
“EVBox has played a significant role in the growth of EV charging infrastructure across the UK and Mainland Europe, and we recognize the trust hosts have placed in its solutions,” said Alex Calnan, Blink Charging’s managing director of Europe. “With the recent announcement of Everon’s withdrawal from the EV charging market, it’s natural to have questions about what this means for operations. At Blink, we want to assure Everon customers that we are here to help them navigate this transition.”
Blink says it’s able to offer advice, replacements, and ongoing network management to make the changeover as smooth as possible.
Everon users who switch to Blink will get access to the Blink Network portal via the Blink Charging app. That opens up real-time insight into charger usage and lets hosts set pricing, manage users, and download performance reports.
“At Blink, our charging technology is future-ready,” added Calnan. “With advancements like vehicle-to-grid technology on the horizon, our chargers are built to support the future of electric vehicles and charging habits.”
The company says its chargers are in stock and ready to ship now for any Everon customers looking to make the jump.
In October 2024, France’s Engie announced it would liquidate the entire EVBox group, which it said posted total losses of €800 million since Engie took over in 2017. EVBox is closing its operations in the Netherlands, Germany, and the US.
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