Tesla layoffs: Elon Musk is laying off 10 percent of Tesla's workforce

Tesla CEO Elon Musk is cutting 10 percent of the company's workforce. Musk said it needs to be 'lean, innovative and hungry', in a memo sent to employees.

By  Storyboard18Apr 15, 2024 9:00 PM
Tesla layoffs: Elon Musk is laying off 10 percent of Tesla's workforce
The memo signed by Elon Musk reads, "There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle."

In a leaked internal memo, Tesla CEO Elon Musk informed employees that thousands of them will be laid off. According to reports the job cuts will affect 14,000 workers, following months of speculations about layoffs.

The memo stated that Tesla has seen rapid growth with multiple factories scaling around the globe. "With this rapid growth there has been duplication of roles and job functions in certain areas. 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," said Musk in the leaked memo.

It added, "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. There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle."

"It is very difficult to say goodbye," read the memo signed by Musk.

"For those remaining, I would like to thank you in advance for the difficult job that remains ahead. We are developing some of the most revolutionary technologies in auto, energy and artificial intelligence. As we prepare the company for the next phase of growth, your resolve will make a huge difference in getting us there."

Last week, reports on Tesla chief Musk's India visit outlined his plans. The much-awaited India visit will last around 48 hours during which the billionaire will make mega announcements, including plans to start Starlink services in India. As per a CNBC-TV18 report, Musk will be in India on April 21 and 22 and the Tesla CEO and his team will meet government officials and industry representatives.

On April 10, Musk posted on X: "Looking forward to meeting with Prime Minister Narendra Modi in India!"

CNBC-TV18 also reported that Musk will announce an investment plan of $2-3 billion for India and Tesla is also looking to not only manufacture cars for India but also export them to global markets.

First Published on Apr 15, 2024 9:00 PM

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