Tesla cuts workforce by around 7%

|About: Tesla, Inc. (TSLA)|By:, SA News Editor

Tesla (NASDAQ:TSLA) -5% premarket after slashing its full-time staff headcount by approximately 7%.

The layoffs come on the back of various cost-cutting measures the EV maker has made of late, as it looks to boost margins and ramp up the production of the Model 3.

"In Q4, preliminary, unaudited results indicate that we again made a GAAP profit, but less than Q3," Elon Musk wrote in an email to Tesla employees. "We must do everything we can to advance the cause of building affordable clean energy products at scale."

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