Tesla will lay off more than 10 per cent of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales and an intensifying price war for electric vehicles.
In a sign of further instability at the EV maker, Tesla’s senior vice-president Drew Baglino, in charge of battery development, announced his resignation on X on Monday.
Bloomberg reported that Rohan Patel, vice-president for public policy and business development, had also resigned.
Baglino was one of four members in Tesla’s leadership team, which includes CEO Elon Musk, listed on the company’s investor relations website.
Their departures “signal that Tesla’s major growth phase is meeting serious headwinds,” said Michael Ashley Schulman, chief investment officer at Running Point Capital Advisors, deeming it “the larger negative signal today” than the announcement of job cuts.
The…
