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Finance

Tesla to cut 10% of global workforce

Image: vasilis asvestas / Shutterstock

Tesla Chief Executive Officer Elon Musk has informed employees of the company’s decision to reduce its workforce by 10%, amounting to approximately 14,000 jobs worldwide.

Elon Musk emphasised the need for the action in a memo to all employees, highlighting its importance in improving Tesla’s operations and setting the stage for future expansion.

Tesla’s boss revealed the “difficult decision” in a memo initially disclosed by Elektrek.

With Tesla’s workforce numbering 140,473 according to its annual report, Mr Musk described the job reductions, stating, “There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle.”

The announcement coincided with a decline in Tesla‘s shares on Monday morning.

The company, slated to report its quarterly earnings on April 23, experienced a dip in vehicle deliveries during the first quarter, marking its first decline in nearly four years and falling below market expectations.

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