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Tesla lays off more than 10% of its workforce

Owner Elon Musk said it was a difficult decision to reduce Tesla's global headcount.

In a memo, first reported by news website Electrek, billionaire owner Elon Musk told staff there was nothing he hated more, "but it must be done". The company has scrapped plans to produce an inexpensive car, abandoning one of Musk's longstanding goals to make affordable EVs for the masses. The EV maker has been slow to refresh its aging models as high interest rates have sapped consumer appetite for big-ticket items.

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