Posted 4/15/2024, 1:48:14 PM
Tesla Announces Layoffs of 10% of Workforce Amid Slowing Sales Growth and Increasing Competition
- Tesla will lay off over 10% of its global workforce, around 14,000 employees, to cut costs and improve productivity
- Tesla shares have fallen 31% this year amid slowing EV sales growth and mounting competition
- Tesla delivered fewer vehicles in Q1 2023 compared to last year, its first annual delivery decline since 2020
- Competition from Chinese automakers like BYD and Xiaomi is heating up
- Some potential customers are turned off by Elon Musk's controversial public statements
