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, Tesla CEO Elon Musk said in the memo.
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 per cent globally, the memo stated.
Tesla's stock has fallen about 31 per cent so far this year, underperforming legacy automakers like Toyota Motor and General Motors.
Energy giant BP also cut over a tenth of the workforce in its EV charging business after a bet on rapid growth in commercial EV fleets didn't pay off, Reuters reported.
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