Elon Musk announces in an email that he will fire 10% of Tesla’s staff

tesla will lay off about 15,000 people, more than 10% of its workforce, according to an email sent to the entire company by its CEO, Elon Muskthe Electrek website reported this Monday.

In his message to Tesla employees, Musk indicates that in preparation for the “next phase of growth,” it is important for the electric car manufacturer to seek “cost reductions and increase productivity.”

“As part of this effort, we have conducted a comprehensive review of the organization and made the difficult decision to reduce staff by more than 10% globally,” Musk added.

The announcement comes just days after Tesla announced that its sales fell 8.5% in the first quarter of the year, period in which The company’s shares lost almost 30% of their value.

Tesla will release its first quarter financial results on April 23.

In recent weeks, the company has also reduced its prices in North America significantly to stimulate demand and reduce its vehicle inventory.

Industry analysts indicate that the period of rapid growth that has characterized Tesla in recent years has come to an end with increased competition from traditional manufacturers, difficulties in reducing costs and the sharp increase in production of electric vehicles from Chinese companies.

Source: Elcomercio

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