Tesla announces fourth round of layoffs in four weeks

Tesla has initiated another round of layoffs, marking the fourth in just a month, as it grapples with declining profits and a significant inventory surplus. This latest cut impacted various positions including service advisers, engineers, and HR personnel. The layoffs began ahead of Tesla's Q1 2024 financial results, which revealed a sharp drop in profitability, prompting CEO Elon Musk to announce a global workforce reduction target of over 10%, potentially reaching up to 20%.