Tesla plans to lay off 10% of its global workforce as demand for electric vehicles (EV) declines.

According to a Bloomberg article published on Monday, Elon Musk conveyed the downsizing to employees at the automobile company via a memo.

Musk cited duplication of duties and the necessity to save expenses as reasons for the reduction.

“As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity,” Musk wrote.

“As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10 per cent globally. There is nothing I hate more, but it must be done.”

Responding to a comment on the planned layoff on X, Musk said “about every five years, we need to reorganize and streamline the company for the next phase of growth”.

If the cuts apply companywide, the dismissal would amount to more than 14,000 employees, the publication noted.

Tesla ended 2023 with 140,473 employees, nearly double its workforce three years ago.

The decision to lay off workers comes as Tesla faces declining sales and an intensifying price war for EVs.

According to the publication, Tesla announced that vehicle deliveries early this month missed expectations by a wide margin, posting its first quarterly decline in four years.

“Several analysts are bracing for the EV maker’s sales to potentially shrink for the year, citing slow output of its newest model, the Cybertruck, and a lull in new products until the company starts producing a next-generation vehicle late next year,” the publication said.

“The EV slowdown Tesla has felt of late has been widespread. China’s BYD Co. delivered just 300,114 battery-electric vehicles in the first quarter, down 43 per cent from the final three months of last year, when it briefly pulled ahead as the world’s top EV seller.”

Manufacturers including Volkswagen AG, General Motors Co., and Ford Motor Co. have delayed, dialled back or altogether scrapped EV projects as customers protest high prices and a scarcity of charging points.

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The Federal Competition and Consumer Protection Commission (FCCPC) has said that business that engage in price-fixing will face swift legal action.

It called attention to the burden that this practice places on the financial security and well-being of consumers and exhorted them to denounce such acts.

This was revealed by the FCCPC in a statement that was published on its official X (formerly known as Twitter) handle on Sunday.

The statement read, “The FCCPC acknowledges that the rising cost of essential goods impacts consumers’ well-being and economic stability.

“While we recognise that the commission cannot directly control prices, we are committed to safeguarding consumers’ interests and ensuring fair market practices, necessitating fair pricing.

“Arbitrary price increases stemming from untoward practices like price gouging and conspiracy to manipulate supply violate existing laws.

“The commission will not hesitate to invoke Section 17(s) of the Federal Competition and Consumer Protection Act (FCCPA) 2018 against any perpetrator of such acts. This section prohibits obnoxious trade practices and unscrupulous exploitation of consumers.”

The statement urged Nigerians to stay vigilant and report any unfair trade practices they encounter.

It added, “We encourage consumers to remain vigilant and report unfair trade practices to the FCCPC.

“Consumers can provide details, including the conduct, location of perpetrators, and other relevant information for investigation, through [email protected].

“The FCCPC remains committed to promoting fair competition, protecting consumers, and fostering a regulated marketplace. We appreciate citizens’ vigilance and encourage active participation in reporting any violations.”

Earlier report in February had it that FCCPC closed a popular supermarket in the Garki area of Abuja, Sahad Store, for lack of transparency in products pricing.

Similarly, it also encouraged electricity consumers to report distribution companies that failed to comply with the capping of estimated bills for unmetered customers.