{"id":941,"date":"2024-04-16T21:29:33","date_gmt":"2024-04-16T21:29:33","guid":{"rendered":"https:\/\/www.autobuyersmarket.com\/news\/?p=941"},"modified":"2025-05-05T10:25:26","modified_gmt":"2025-05-05T10:25:26","slug":"amid-falling-sales-intense-competition-ev-maker-tesla-to-lay-off-10-of-workforce","status":"publish","type":"post","link":"https:\/\/www.autobuyersmarket.com\/news\/2024\/04\/16\/amid-falling-sales-intense-competition-ev-maker-tesla-to-lay-off-10-of-workforce\/","title":{"rendered":"Amid Falling Sales, Intense Competition, EV Maker Tesla to Lay Off 10% of Workforce"},"content":{"rendered":"\n
\"EV
Tesla had laid off a number of employees in 2022 amid stated concerns by Musk regarding the poor condition of the economy. However, despite cutting his workforce at that time, the number of people employed by Tesla had increased from 100,000 in late 2021 to more than 140,000 in late 2023. File photo: Vitaliy Karimov, ShutterStock.com, licensed.<\/figcaption><\/figure>\n\n\n\n

PALO ALTO, CA – According to an internal memo obtained by media outlet Reuters on Monday, electric vehicle (EV) manufacturer Tesla \u2013 amid falling sales and intense competition from other automakers entering the EV market \u2013 will officially be\u00a0laying off over 10 percent of its workforce globally<\/a>, starting this week.<\/p>\n\n\n\n

In the memo sent to all staff members, Tesla CEO Elon Musk makes the announcement regarding the layoffs \u2013 impacting engineers and production associates alike, effective immediately \u2013 although reportedly some of the affected employees were not informed that they no longer had jobs until security scanned their badges<\/a> as they reported to work on Monday.<\/p>\n\n\n\n

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As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” Musk said in the memo. “As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10 percent globally.\u201d<\/em><\/p>\n<\/blockquote>\n\n\n\n

Musk later confirmed the layoffs in a post on X \u2013 formerly known as Twitter \u2013 saying that “About every five years, we need to reorganize and streamline the company for the next phase of growth.”<\/p>\n\n\n\n

In addition to the aforementioned company-wide layoffs, two high-ranking members of the Tesla\u2019s hierarchy \u2013 Battery Development Chief Drew Baglino and Vice President for Public Policy Rohan Patel \u2013 announced that they would be leaving the company, a move that reportedly concerned some investors who feel that it\u2019s an indicator that the company\u2019s growth has indeed stagnated.<\/p>\n\n\n\n

Previously, Tesla had laid off a number of employees in 2022 amid stated concerns by Musk regarding the poor condition of the economy. However, despite cutting his workforce at that time, the number of people employed by Tesla had increased from 100,000 in late 2021 to more than 140,000 in late 2023.<\/p>\n\n\n\n

As a result of the news, shares of Tesla closed at $161.48 on Monday, a decrease of 5.6 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

PALO ALTO, CA – According to an internal memo obtained by media outlet Reuters on Monday, electric vehicle (EV) manufacturer Tesla \u2013 amid falling sales and intense competition from other automakers entering the EV market \u2013 will officially be\u00a0laying off over 10 percent of its workforce globally, starting this week. In the memo sent to […]<\/p>\n","protected":false},"author":4,"featured_media":942,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-941","post","type-post","status-publish","format-standard","has-post-thumbnail","category-market-updates","entry"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\n\t\t\n