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Tesla Cuts 14,000 Jobs, Musk Cites Cost-Cutting Amid Tough EV Market

Apr 15, 2024, 01:45 PM

Tesla Inc. is set to lay off more than 10% of its global workforce, amounting to approximately 14,000 employees, as revealed in an internal memo sent by CEO Elon Musk. The company is taking this significant step due to falling sales and an intensifying price war in a highly competitive electric vehicle market. This decision is part of a broader strategy to cut costs and boost productivity as Tesla faces soft demand and a slowdown in the growth of electric vehicle sales.