Tesla lays off thousands of employees

Tesla has cut 9% of its employees as part of a company-wide restructuring, according to an email sent to staff by CEO Elon Musk.

The company has laid off over 3,000 employees from its salaried population, with no production associates being affected.

Musk added that the restructuring will not affect the company’s ability to meet its Model 3 production goals.

“Tesla has grown and evolved rapidly over the past several years, which has resulted in some duplication of roles and job functions that, while they made sense in the past, are difficult to justify today,” said Musk.

Musk said the company would provide a significant salary and stock vesting to those who are being laid off to minimise the financial impact of the action.

Now read: Tesla shares soar after Musk predicts improved production

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Tesla lays off thousands of employees