Tesla, Inc. is preparing to lay off 693 workers at its Sparks, Nevada location, according to a government filing. The downsizing effort represents more than 10% of its total workforce around the world and comes in response to declining sales and increased competition within the electric vehicle market.
Earlier in the week, the company filed the notice with the Nevada Department of Employment, Training, and Rehabilitation in compliance with U.S. labor laws, requiring companies with 100 or more employees to provide 60 days’ notice before major layoffs or closing a facility.
The announcement comes after Tesla revealed huge layoffs in Texas and California of up to 6,020 workers. This is part of a greater cost-cutting program amidst the changing dynamics that the electric carmaker is adapting to in the market. As of the latter part of 2023, this very same Tesla company had more than 140,000 people in their employment worldwide; it is to say that the current layoffs represent a huge percentage of its workers.
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Published: 27 Apr 2024, 06:17 AM IST