Tesla, owned by American billionaire Elon Musk, will lay off more than 10% of its employees worldwide due to falling car sales. This was reported by Reuters, according to UNN.
Details
"Tesla will lay off more than 10% of its workforce globally as the company struggles with falling sales and an escalating price war for electric vehicles," the publication writes, citing an internal memo.
The world's largest automaker by market value is said to have 140,473 employees worldwide as of December 2023.
It is noted that some employees have already been notified of their dismissal.
"As we prepare the company for our next phase of growth, it's critical to look at every aspect of the company to reduce costs and increase productivity," said Tesla CEO Elon Musk.
The publication adds that the company's shares have fallen by about 31% this year, underperforming other automakers such as Toyota Motor and General Motors, whose shares have risen by 45% and 20%, respectively, due to the slow shift of consumers away from traditional internal combustion engine cars.
"The planned job cuts come after Tesla this month reported that its global car deliveries fell in the first quarter for the first time in nearly four years as price cuts failed to boost demand," the publication emphasizes.
Recall
In March, more than 4,400 electric vehicles were added to Ukraine's vehicle fleet , and demand for them increased 2.3 times year-on-year.