Business News
Tesla Announces 10 Percent Global Layoffs
Tesla is to cut 10 percent of its staff after announcing the departure of two high-ranking executives.
This comes as the automotive giant, celebrated for its market-leading innovations, faces a decline in consumer demand and escalating competition.
This marked a significant shift for Tesla, which has enjoyed years of rapid growth and strong profit margins.
These margins have recently been squeezed, leading Tesla to implement major price cuts to boost sales.
Tesla has also intensified its focus on developing autonomous vehicles to maintain its competitive edge.
Elon Musk, Tesla's CEO, communicated the imminent job cuts in an email to employees.
He said: “About every 5 years, we need to reorganize and streamline the company for the next phase of growth.”
Hours later, Drew Baglino, Senior Vice President of Powertrain and Energy Engineering and an 18-year veteran at Tesla announced his resignation on the social platform X, also owned by Musk.
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