India, April 16 -- Tesla, an Elon Musk-owned company has announced significant layoffs affecting more than 10% of the company's global workforce. Currently, Tesla is grappling with declining sales and heightened competition in the electric vehicle market. This decision of the company to reduce its workforce has come across as a result of its efforts to streamline operations, cost-cutting, and resource management.

The announcement reportedly came through an internal company-wide email where Musk emphasized the necessity of cost reduction and increased efficiency as Tesla prepares for its next phase of growth.

Musk's email acknowledged the difficult decision and expressed gratitude to departing employees for their contributions to Tesla's...