TESLA is reportedly due to lay off over 14,000 employees, around 10 per cent of its workforce, as it aims to shed weight ahead of a new phase of growth.

Billionaire Tesla boss Elon Musk said he had made "the difficult decision to reduce our headcount by more than 10 per cent globally", in a memo first reported by the online publication Elektrek.

Tesla employs 140,473 people, based on a December 2023 report.

In an internal email, seen by

Elektrek, Musk wrote: "There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle."

He said the company, which manufactures electric vehicles, had expanded fast in recent years leading to a "duplication of roles and job functions in certain areas".

With a market cap of more than $530bn (£425bn), the US stock has fallen 32 per cent since the start of the year.

City A.M. approached Tesla for comment.

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