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Apr 15, 2024 2:48 PM - The Associated Press)

Tesla is planning to lay off 10% of its workers after dismal 1Q sales, multiple news outlets report

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After reporting dismal first-quarter sales, Tesla is planning to lay off about a tenth of its workforce as it tries to cut costs, multiple media outlets reported Monday.

CEO Elon Musk detailed the plans in a memo sent to employees. The layoffs could affect about 14,000 of the 140,473 workers employed by the Austin, Texas, company at the end of last year.

Musk's memo said that asTesla prepares for its next phase of growth, it needs to look at every aspect of the company for cost cuts and increased productivity, The New York Times and CNBC reported. News of the layoffs was first reported by electric vehicle website Electrek.

Shares of Tesla fell nearly 3% in Monday morning trading after the news broke.

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