"The move comes after Tesla suffered a loss of a little over US$700 million during Q1 2019. The company is facing increasing cost pressures with shifting sales mix to the cheaper (and less profitable) Model 3. Increasing competition from other automakers is forcing Tesla to cut costs. The company laid off 9% of its workforce in June 2018 and another 7% in January this year. Clickhere for Q1 2019 analysis of Tesla." – Aman Madhok