Tesla Announces Significant Workforce Layoffs for Cost Reduction and Future Growth

Tesla is planning to lay off more than 10% of its global workforce to cut costs, increase productivity, and enhance competitiveness. CEO Elon Musk highlighted the need to streamline operations and innovate for the company's upcoming growth phase amidst intensifying market competition and declining sales.

The layoffs, affecting high performers and various departments, signal Tesla's strategic shift towards self-driving cars and away from lower-cost electric vehicles. Despite the layoffs impacting stock prices negatively and sparking concerns over weakening EV demand, some enthusiasts defend the move as a regular occurrence for Tesla, downplaying the significance of the job cuts and attributing them to the company's continuous evolution in the tech industry.