Tesla to lay off 10% of workforce, affecting 14,000 employees, according to report.

Tesla announced a significant workforce reduction following a drop in auto deliveries, potentially affecting over 14,000 employees companywide. The CEO emphasized the need for cost reduction and increased productivity as the company prepares for its next phase of growth. Despite implementing price cuts to boost demand for its electric vehicles, Tesla reported decreased auto deliveries. The CEO is also planning to meet with Prime Minister Narendra Modi during his upcoming visit to India to discuss Tesla’s potential plans for a new factory in the country.

Prime Minister Modi has expressed openness to foreign investment and recently announced a new electric vehicle policy aimed at reducing taxes on EV imports and incentivizing manufacturing facilities in India. Elon Musk had previously expressed the potential for Tesla to offer electric vehicles in India, and with the country’s evolving electric vehicle policy and potential investment opportunities, the timing of the visit is significant.