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Tesla execs Drew Baglino and Rohan Patel leave as company lays off 10%

The company is cutting more than 14,000 jobs because of "duplication of roles and job functions," CEO Elon Musk says.

Tesla is laying off thousands of workers as it tries to simultaneously cut costs and boost productivity, according to CEO Elon Musk. But the company spent much of the year slashing prices on its most popular models in an effort to counterbalance high interest rates and increased global competition. Tesla reportedly dropped — or at the very least, delayed — plans to build a lower-cost EV starting at around $25,000, opting instead to use the underlying platform being developed to power an alleged robotaxi that Musk said will debut on August 8th.

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