June 13, 2018—Tesla said Tuesday it will cut thousands of jobs, aiming to improve its finances as it accelerates production of its newest electric vehicle, USA Today reports.
Tesla CEO Elon Musk confirmed the company is shedding about 9 percent of its workforce—"almost entirely" salaried employees but not production-line workers, according to an internal email he posted to Twitter.
The company had 37,543 full-time employees as of Dec. 31, according to a public filing. At that level, 9 percent would equal nearly 3,400 jobs.
The moves come as Musk is facing pressure to ramp up output of the new Model 3 electric sedan and show bottom-line profitability.