Tesla is laying off 7% of its employees, according to an email CEO Elon Musk sent to workers on Friday that was later published on the company’s website.
The job cuts will affect more than 3,000 staff members, based a figure Musk cited last year saying the company had a workforce of 45,000. It follows a similar round of layoffs in June.
Tesla shares were down about 8% in premarket trading.
Musk said pressure on profits and the ambition to deliver lower-cost Model 3 vehicles “in all markets” later this year meant the “road ahead is very difficult.”
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