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Tesla will lay off 15,000 employees, more than 10% of its workforce to reduce costs

Date: May 20, 2024 Time: 09:02:48

The American electric car manufacturer Tesla, led by Elon Musk, will lay off a total of 15,000 people, more than 10% of its workforce worldwide, according to an email sent by the American tycoon himself.

As reported by the Electrek website and reported by Efe, in his message, Musk points out that, in preparation for the “next phase of growth”, it is important for the company to seek “cost reductions and increase productivity.”

“As part of this effort, we have conducted a thorough review of the organization and made the difficult decision to reduce the workforce by more than 10% globally,” Musk himself notes in the email.

Tesla sales drop

The announcement comes a few days after Tesla announced that its sales fell 8.5% in the first quarter of the year, a period in which the company’s shares lost almost 30% of their value. Tesla will release its first quarter financial results on April 23.

Industry analysts point out that the period of rapid growth that has characterized Tesla in recent years has come to an end with increased competition from traditional manufacturers, difficulties in reducing costs and a sharp increase in production. of electric vehicles from Chinese companies.

Over the past few weeks, the company has also reduced its prices in North America significantly to spur demand and reduce its car inventory.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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