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Tesla (NASDAQ:TSLA) announced layoffs of more than 10% of its global workforce in an email sent across the company from CEO Elon Musk. Snippets from the email spotted by Electrek are published below.
“Over the years, we have grown rapidly 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.”
“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% 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.”
Musk told the remaining employees that Tesla (TSLA) is developing some of the most revolutionary technologies in auto, energy and artificial intelligence.
Over the weekend, Tesla (TSLA) dramatically lowered the monthly subscription price of its Full Self-Driving package to $99 per month from a prior rate of $199 per month in what appears to be a shift in strategy from the EV giant.
Shares of Tesla (TSLA) were down 0.75% in premarket trading on Monday to $169.80.
