Tesla is reducing its workforce by 7 percent — more than 3,000 jobs, according to a recent staffing estimate — as the company continues its efforts to bring lower-cost electric vehicles to market.
CEO Elon Musk announced the layoffs on Friday in an email to staff, saying the company is facing "an extremely difficult challenge."
"We unfortunately have no choice" but to lay off employees, Musk said. "There isn't any other way." The company will also be eliminating all but the most important contractors and temps.