Tesla Reports Over 10% Employee Reduction By Year-End Following April Layoffs

EV giant Tesla Inc TSLA had 125,665 employees as of December end, down 10.5% year-on-year, following a layoff in April, the company said in a new filing.

What Happened: As of Dec. 31, 2023, Tesla's headcount worldwide was at 140,473, according to the company’s annual report.

In April 2024, Tesla laid off 10% of its global workforce, which seemingly impacted over 14,000 employees. Several then-senior Tesla executives, including Rohan Patel, Drew Baglino, and Rebecca Tinucci subsequently left the company.

Tesla’s employee headcount has been rising steadily from 2019 till 2023. The global layoff created a year-on-year drop in employee headcount for the first time after 2019.

Why It Matters: Tesla also reported its first drop in global EV deliveries in over a decade in 2024. Tesla reported global deliveries of 1.79 million vehicles in 2024, down from full-year deliveries of 1.81 million in 2023.

Tesla stock rose after hours on Wednesday despite the company reporting revenue and earnings below expectations.

The company promised new and affordable models this year and said that it would start testing its autonomous ride-hailing service in Texas in June with vehicles deployed with its full self-driving (FSD) driver assistance technology, driving investor sentiment.

Tesla stock closed up 2.9% at $400.28 on Thursday, according to data from Benzinga Pro. 

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