Electric car maker Tesla today announced it is laying off seven per cent of its full-time staffers in an attempt to reduce costs and increase profits. The news comes on the heels of Tesla CEO Elon Musk laying the foundation of a Tesla Gigafactory in Shanghai earlier this month, the first outside the US. All Tesla employees were informed about the development in an email.
Musk also said that the company unfortunately has no choice “but to reduce full-time employee headcount by approximately 7 percent (we grew by 30 percent last year, which is more than we can support) and retain only the most critical temps and contractors”.