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Tesla plans to lay off more than 10 percent of its staff, chief executive Elon Musk told employees on Monday.
“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,” Musk said in the memo published by CNBC. “As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our head count by more than 10% globally.”
Tesla share were down 2.7 percent shortly after trading began Monday.
This is a developing story and will be updated.
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