Tesla lays off thousands of workers in corporate restructuring

Enlarge / Tesla CEO Elon Musk. (credit: Yuriko Nakao/Bloomberg via Getty Images)

Tesla is cutting nine percent of its workforce, CEO Elon Musk announced today in a memo to staff.

“We are a small company in one of the toughest and most competitive industries on Earth,” Musk wrote. He argued that cost cutting was necessary to turn Tesla into a sustainably profitable company.

The layoffs are “almost entirely” in salaried positions and won’t impact Tesla’s efforts to increase Model 3 production, Musk said.

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Source: Ars Technica

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