Tesla is going to let go of more than 10% of its workers worldwide, as mentioned in a memo from CEO Elon Musk. This decision comes as Tesla aims to cut costs and boost productivity for future growth.
Musk acknowledges it’s a tough move but necessary. The company had 140,473 employees as of December 2023.
Tesla’s shares have been falling, down by 31% this year due to less demand for electric cars and increased competition from Chinese rivals. Musk has acknowledged China’s growing influence in the electric car market.
Tesla’s vehicle deliveries dropped by 8.5% in the first quarter of this year compared to last year. The company also reduced the price of its Full Self-Driving package for U.S. customers, contrary to Musk’s previous promises.
Despite challenges like supply chain disruptions and production halts, Tesla is gearing up for its next phase of growth. Musk thanked departing employees for their hard work and urged the remaining staff to stay focused on the company’s innovative projects.
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