According to an internal memo, Tesla will be laying off more than 10% of its employees globally, Reuters reports.
While the exact number of affected employees is not yet known, estimates would assume that at least 14,000 people out of Tesla’s total workforce of roughly 140,000 employees are in jeopardy of losing their job.
The layoffs are occurring amid news of sales dropping and stocks sliding.
The company reported delivering nearly 387,000 vehicles globally in the first quarter of 2024, spanning from January through March.
In comparison, Tesla sold approximately 423,000 vehicles during the same timeframe last year.
Tesla’s stock has dropped 31.14% year-to-date ahead of Monday’s US market open.