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Tesla to Cut 15,000 Jobs, Shares Dip; Musk: 'Nothing I Hate More'

Apr 15, 2024, 01:25 PM

Tesla, the world's largest electric vehicle manufacturer, is undergoing significant workforce reductions, with the company announcing it will cut 15,000 jobs, representing more than 10% of its global workforce. This decision comes as Tesla faces a slowdown in electric vehicle demand and challenges such as falling sales, environmental protests, and competition from cheaper Chinese-made EVs. The layoffs are part of a broader strategy to streamline operations and focus on profitability amid market shifts. Tesla's CEO Elon Musk described the layoffs as a painful but necessary measure to ensure the company remains competitive and innovative, stating, "There is nothing I hate more, but it must be done." Following the announcement, Tesla shares were down over 1% in premarket trade.