Tesla laying off 9 percent of workforce

Seeing Tesla Improving Production Rate: Keybank

Tesla is cutting nine percent of its workforce in an effort to achieve profitability, CEO Elon Musk announced in a note sent to employees that elaborated on a planned restructuring he publically announced in May.

Musk in the email thanked the employees leaving the company and said the individuals will receive compensation. Year-to-date, Tesla's headcount is up roughly 15%.

Tesla has already started to notify employees, a company spokesman said.

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The layoffs at Elon Musk's electric auto company come as it tries to increase production of its Model 3 sedan and turn a quarterly profit this year.

It's not the first time Tesla has laid off workers.

As many as 9% of Tesla's workforce will be let go. I also want to emphasize that we are making this hard decision now so that we never have to do this again. Tesla isn't letting go any production associates, as the company is trying to ramp up Model 3 production.

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The delays and higher costs have put Tesla into risky territory where it is rapidly running out of cash and investors have become nervous about lending the company more money.

Tesla shares rose 2.5 percent to $340.34 in afternoon trading, after reaching as high as $354.97 around noon.

A sign is seen outside Tesla Motors' new showroom in Manhattan's Meatpacking District in New York City, U.S., December 14, 2017. The company would also end its residential sales agreement with Home Depot to sell more solar panels and battery storage in Tesla stores and online.

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At the start of April, the company's shares had fallen by around 35 percent from a peak hit last September but signs that it is on course to meet an output target of 5,000 Model 3 cars per week have wiped out nearly all of this year's losses. But Musk has promised an acceleration of Model 3 manufacturing, which will allow the company to bring in a lot more revenue. It can easily top $50,000 with options.

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