Tesla to cut workforce as China accelerates into EV sector

NEW YORK -- Tesla CEO Elon Musk told employees on Monday that the electric vehicle giant is cutting 10% of its global workforce, marking the latest fallout from an intensifying EV price war as Chinese companies accelerate into the sector.

Musk on Monday revealed plans to reduce costs through the layoffs while aiming to boost productivity. He also posted on X that about "every 5 years, we need to reorganize and streamline the company for the next phase of growth."