Tesla to lay off more than 10% of its global workforce

Increasing competition in the electric vehicle (E.V.) sector, coupled with plummeting sales, has prompted Tesla to lay off more than 10% of its workforce worldwide, amounting to roughly 14,000 employees.

As reported by Reuters, the company led by Elon Musk has already informed several of those affected, who work in plants in California and Texas, that they are being let go.

This Monday, Tesla saw two of its top executive leave: Andrew Baglino, senior vice president and head of battery development, and Rohan Patel, vice president of public policy and business development.

"I made the difficult decision to move on from Tesla after 18 years yesterday. I am so thankful to have worked with and learned from the countless incredibly talented people at Tesla over the years," Baglino wrote on social media. For his part, Patel said he made his decision to leave due to personal and family reasons, but not before thanking Musk and the rest of the company's team for giving him the opportunity.

A few days ago, Tesla reported that its quarterly sales fell by 8.5%, resulting in a plunge in the value of its stock. The company had a projection of 454,200 sales. However, it managed to sell just 386,810.