Tesla to lay off more than 10% of its staff

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Tesla will lay off more than 10% of its workforce, tech publication Electrek reported today, citing an internal memo, as the top auto-maker struggles with soft demand for its electric vehicles in a highly competitive market.

Over the last few months, Tesla asked managers to identify critical team members, paused some stock rewards and canceled some employees' annual reviews, according to the report.

Tesla had previously laid off 4% of its workforce in New York in February last year as part of a performance review cycle and before a union campaign was to be launched by its employees. Meanwhile, the company has scrapped plans to produce an inexpensive car, abandoning one of Musk's longstanding goals to make affordable EVs for the masses.

 

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