Tesla's rollercoaster year has continued this week with reports that it could make at least 14,000 of its employees redundant in the near future.
The carmaker's famous CEO Elon Musk reportedly told staff about the layoffs in an internal memo, which was published by industry publication Electrek.
With employees that number over 140,000 in total, this is around a 10% cut in Tesla's global workforce, which is a pretty big axe to swing.
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Musk apparently wrote about the job losses: "There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle."
He explained the need for these cuts by saying: "Over the years, we have grown rapidly with multiple factories scaling around the globe. With this rapid growth there has been duplication of roles and job functions in certain areas."
In the letter, the billionaire boss said the process will let Tesla “be lean, innovative and hungry” for its next stage of growth.
Tesla has had a mixed 2024 so far. The launch of the Cybertruck at the end of 2023, after a few years of waiting and delays, has given Tesla an instantly iconic road vehicle that is as recognizable as anything else on the market.
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However, the truck has also been beset by customer complaints and quality assurance issues.
More pertinently, Tesla reported a drop in first-quarter vehicle deliveries in 2024 - its first decline for four years. All this makes for a fairly rocky time for the electric vehicle (EV) market leader.
While it's since regained the top spot, Tesla also briefly fell into second place in the ongoing race to be the world's biggest EV producer, when Chinese car-maker BYD produced more cars the previous quarter.
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So, it's clear that the days of Tesla being the only high-quality option in the EV market are long gone, and it'll be curious to see how the next few years go for it.
Another obvious sore point for some investors at the moment is Musk himself, who continues to be outspoken on social media.
Proving a link between Musk's posts on X (formerly Twitter) and Tesla's stock price would be complex, of course, so for now it would seem that it's more of an atmospheric challenge for Tesla.
It's also worth noting that Tesla is far from the only corporation making job cuts in 2024, with a range of industries undergoing challenging periods that have resulted in tens of thousands of job losses.
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Tesla has been contacted for comment.