Tesla is planning to lay off 10% of its workers after dismal 1Q sales, multiple news outlets report
After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday
By AP News
Published - Apr 15, 2024, 10:45 AM ET
Last Updated - Apr 15, 2024, 11:54 AM EDT
DETROIT (AP) — After reporting dismal first-quarter sales, Tesla (TSLA) is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday.
CEO Elon Musk detailed the plans in a memo sent to employees. The layoffs could affect about 14,000 of the 140,473 workers employed by the Austin, Texas, company at the end of last year.
Related News: Tesla recalls over 1.6 million imported vehicles for problems with automatic steering, door latches
Shares of Tesla fell 3% at the opening bell Monday after the news broke. They have lost about one-third of their value so far this year.
