Tesla to Lay Off Over 10% of its Global Workforce

Electric vehicle giant Tesla is laying off more than 10% of its global workforce, an internal memo reveals.

The layoffs come at a time the world’s largest automaker by market value is grappling with falling sales and an intensifying price war for electric vehicles.

The memo was not specific about how many jobs would be affected.

Reuters reports that some staff in California and Texas have already been notified of layoffs.

Tesla’s stock has fallen about 31% so far this year, bested by legacy automakers such as Toyota Motor and General Motors, whose shares have rallied 45% and 20% respectively.

Tesla reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years, as price cuts failed to stir demand.

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