Tesla Hiring Slows Down Sharply

Tesla’s hiring has fallen farther and faster than most of its electric vehicle competitors, according to data gathered by Thinknum. The company’s job listings fell by more than 27% from 7,290 on May 20 to 5,290 on June 12.

CEO Elon Musk has said he has a “super bad feeling” about the economy and will trim the company’s salaried workforce by about 10%. This decision comes as Tesla’s stock price has taken a hit, losing more than a third of its value in May.

While Tesla’s hiring has slowed, its competitors do not seem to be feeling the same negative impact from a slowing economy. Job listings at Lucid Motors and Nikola have actually grown.

Related: Martin Shkreli banned from Twitter over harassment

Zoox’s job listings have dropped off less precipitously than Tesla’s. Rivian, on the other hand, has seen a more substantial drop in hiring after a recent hiring spree.

Rivian is now focusing more on retention than adding to headcount and is reportedly working on a reorganization. The electric vehicle market is still in growth mode, with legacy automakers increasingly orienting themselves toward EVs.

Tesla’s situation seems to be unique, with its stock price and hiring trends diverging from those of its competitors. The stock market has been punishing most companies, including EV companies, as of late.

Commercial EV maker Electric Last Mile Solutions disclosed it was filing for bankruptcy on Monday, after founders resigned in February amid a regulatory probe into improper stock purchases. Despite this, some EV companies are continuing to hire and grow.

Related: Intuit Credit Karma pairs AI with finance

Lucid Motors, for example, has continued to up its hiring, based on job listings data collected by Thinknum, despite its stock price dropping off steeply.

The company’s job listings have continued to drop through the first half of June, while its competitors have seen more stable or even growing hiring trends.

This trend bears watching, as it could have implications for the broader EV industry and the economy as a whole.