Mumbai, February 8: In January 2024, many companies announced that they would lay off employees from different divisions, marking the beginning of the layoff season. The top-performing tech companies like Meta, Google, Microsoft and others cut jobs to restructure or adopt automation. The reports said that more layoffs will be implemented in 2024 for many companies. Amid these job cuts, Elon Musk's Tesla may be planning to let go of some of the employees.

According to the report by India Today, Tesla CEO Elon Musk asked the managers to begin evaluating the performance of the employees and know which employees are important. The report said that following the performance evaluation of the employees, the Elon Musk-run company may soon announce layoffs. From tech to auto and news media, all the sectors have been letting go of employees; however, they are less significant than the layoffs in 2023. General Motors Head Holds Talks With Samsung, LG Executives Over Electric Vehicles Battery and Auto Electric Parts: Reports.

The report further said that the tech industry is witnessing a wave of layoffs, and the job cuts have impacted hundreds of employees globally. The tech giants have reportedly reduced the employee count as a part of restructuring. Elon Musk's firm may soon join companies like Google, Amazon, Meta, Snap, Paytm and others that laid off many employees in January.

The report highlighted that Elon Musk slashed half of the global force of Twitter, and now he is planning for Tesla layoffs. The tech billionaire reportedly asked its managers to identify which jobs are critical and review the work of the company's employees. The layoffs may come as a part of Elon Musk's cost-cutting strategy due to Tesla's slowed sales growth. Tesla Driver Wearing Apple Vision Pro Headset in Viral Video Raises Safety Concerns (Watch Video).

The report further pointed out that Tesla's global workforce is nearly 140,000 as of 2023, and the company witnessed growth with Model 3 and Model Y. The report said that Tesla invested over $10 billion in 2024. These could lead to potential layoffs as the company may plan to cut its costs. 

(The above story first appeared on LatestLY on Feb 08, 2024 06:30 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).