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In response to falling demand for electric vehicles, Tesla is laying off workers on a massive scale around the world.
CEO Elon Musk revealed in an internal email that the layoffs will involve more than 10% of the global workforce, approximately 14,000 people. The layoffs are to reduce costs and improve productivity to accommodate the company’s future growth.
In the first quarter of 2024, Tesla produced more cars than it delivered by 46,561. This is Tesla’s second major layoff in as many months, and the company’s stock price has fallen by nearly a third since the beginning of the year.
(Source: channelnews Image source: unsplash)
