Tesla cuts its workforce by 7 percent to reduce the price of the Model 3

“Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing engineering improvements in the coming months,” Musk says.

The company discontinued the cheapest versions of its Model S sedans and Model X SUVs this week, and Musk says it will ditch its customer referral program.

Musk says Tesla faces “an extremely difficult challenge” in making its products a competitive alternative to traditional vehicles and energy products.

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