Tesla, Led by Musk, to Cut 14,000 Jobs Amid Market Challenges

Apr 15, 2024, 01:45 PM

Tesla, the electric vehicle giant, is set to lay off more than 10% of its global workforce, amounting to approximately 14,000 employees, as it faces declining sales and a competitive market. This decision was disclosed through an internal memo from CEO Elon Musk, which highlights the company's need for cost reductions and efficiency improvements amid a challenging economic environment characterized by falling sales and an intensifying price war for electric vehicles. The layoffs are part of Tesla's broader strategy to prepare for future growth and market demands. Musk stated, 'As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing efficiency.'