Tesla announced thousands of layoffs and shares closed with a sharp decline on Wall Street


Tesla announced today that it will reduce the company's workforce by 7%, which corresponds to more than 3,000 jobs. In addition, Elon Musk, founder of an electric car manufacturer, signed a difficult road ahead, to make this type of car more affordable.

Layoffs, employers' statements and minimum income warnings for the last quarter of 2018 have a direct effect on the stock market.

Tesla shares fell 12.97% this Friday on Wall Street.

Musk explained that this step was needed to meet the production schedule of the new model, which would enable it to reach more consumers.

"Unfortunately we have no other choice," the billionaire said in a letter to Tesla employees, where he also said that the company aimed to reduce costs to expand customers.

It should be noted that to date the cost of the cheapest Tesla vehicles is around US $ 44,000.


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