04/15/2024

Tesla to Cut More Than 10 Percent of its Workforce

The move comes following a sharp decline in vehicle deliveries in Q1 2024

Tesla plans to lay off more than 10 percent of its staff, chief executive Elon Musk notified employees on Monday.

Musk cited a need to reduce costs and increase productivity, according to a copy of the email obtained by CNBC. News of the layoffs was first reported by the tech news site Electrek. The Washington Post has not independently verified the memo.

The move comes after the company, which employed more than 140,000 as of December, reported a sharp decline in vehicle deliveries in the first quarter. The company's stock has shed a third of its value this year and was trading down 3.3 percent on Monday.

Please select this link to read the complete article from The Washington Post.