Tesla Announces Layoffs Amid Declining Sales And Increased Competition

Tesla revealed its plans to lay off 693 employees at its facilities in Sparks, Nevada, as part of its strategy to reduce its global workforce by more than 10%, as reported by Hyunjoo Jin for Reuters.

The company had previously announced layoffs affecting thousands of employees in Texas and California. I Photo: Steve Jurvetson Flickr

The decision comes amidst declining sales and heightened competition in the electric vehicle market.

The company had previously announced layoffs affecting thousands of employees in Texas and California. Tesla's workforce reduction initiatives aim to streamline operations and cut costs amid ongoing challenges in maintaining its market position and sustaining profitability.