Tesla has announced the termination of more than 10% of its global workforce, with CEO Elon Musk stating that the layoffs are part of a plan to support future growth by evaluating cost reductions and increasing efficiency across all areas, leading to the difficult decision.
The number of employees being laid off by Tesla is described as more than 10% of the total workforce, which stood at 140,473 by the end of 2023.
In recent times, Tesla has faced several challenges amidst the growing electric vehicle market, with BYD overtaking as the number 1 in electric vehicle deliveries. The production and delivery numbers in the past quarter have seen a decline for the first time since 2020, and the company has just announced a 50% reduction in the price of its FSD software subscription.
Source: CNBC
TLDR: Tesla announces layoffs of over 10% of global workforce to support future growth amidst challenges in the electric vehicle market and cost reduction initiatives.
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