According to an internal company memo, the cuts are being made to address declining sales
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Tesla will lay off more than 10% of its workforce worldwide, according to an internal company memo.
The cuts are being made to deal with declining sales amid an intensifying price “war” for electric vehicles.
The world's largest automaker by market value had a total of 140,473 employees in December 2023, according to latest annual figures it has announced. The memo did not specify how many jobs would be affected.
“As we prepare the company for our next phase of growth, it is extremely important that we look at every side of the company for cost reductions and productivity gains,” the insider says memo Tesla CEO Elon Musk.
“As part of this effort, we have conducted a thorough review of the organization and made the difficult decision to reduce the number of employees by more than 10% worldwide,” he adds . Tesla did not immediately respond to a request for comment.
Tesla's share price was down 0.3% in pre-open Wall Street trading today.
With information from APE, Reuters
