Tesla announced this week that the company would be conducting major layoffs in the coming months. The layoffs will reduce Tesla’s workforce by ten percent, as the company is cutting costs to be in a better position during unpredictable economic conditions. Tesla is facing increased competition in the electric vehicle market, and the company has been involved in various issues in recent months. Tesla’s stock value has decreased due to a growth in the number of foreign competitors in the industry, and Tesla’s CEO Elon Musk has stated that the company is developing a robotaxi despite uncertainty in the company’s role in the industry. The layoffs are estimated to affect fourteen thousand workers in all divisions of the company. Tesla will provide affected workers with severance packages and benefits in this coming week.
See "Tesla to lay off thousands of workers due to increasing competition in EV industry", Aaron Gregg, Faiz Siddiqui, Trisha Thadani, The Washington Post, April 15, 2024