A Tesla compressor is displayed at a charging station in Santa Clarita, California, United States, October 2, 2019.
Mike Blake | Reuters
Shares of Tesla were down more than 1% in premarket trading Monday following media reports that the automaker would lay off more than 10% of its global workforce.
The company’s stock was down 1.20% in pre-market trading around 7:30 a.m. ET.
“As we prepare the company for our next phase of growth, it is extremely important to examine all aspects of the business to reduce costs and increase productivity,” Tesla CEO Elon Musk said in an internal memo cited by Reuters, including technology publication Electrek. mentioned in the first report on layoffs.
“As part of this effort, we conducted a thorough review of the organization and made the difficult decision to reduce our workforce by more than 10% globally,” the memo said.
CNBC was unable to independently verify the rating and requested comment.
This breaking news story is currently being updated.
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