Tesla to lay off more than 10% of workforce, report says

Tesla is preparing to lay off more than 10% of its global workforce following weak first quarter deliveries and increasing competition in the electric vehicle (EV) market, according to a report.

A leaked internal email from CEO Elon Musk said that the automaker is looking to cut costs and increase productivity after years of rapid growth that have led to duplication in some roles and functions in certain areas of the company, tech publication Electrek reported on Monday.

The world's most valuable automaker employs about 140,473 workers worldwide, Reuters reported, citing Tesla’s latest annual report. The reported staffing reduction will affect about 15,000 employees.

Tesla did not immediately respond to FOX Business Digital’s request for comment.