(Bloomberg) -- Tesla Inc. plans to cut about 7 percent of its full-time workforce even as it aims to increase the Model 3 production rate. Shares fell about 4 percent in pre-market trading.
In a letter to employees, Elon Musk said that preliminary fourth-quarter results indicate that profit will be less than that achieved in the prior quarter.
"As we all experienced first-hand, last year was the most challenging in Tesla's history," Musk said in the letter.
To contact the reporter on this story: Niveditha Ravi in London at nravi2@bloomberg.net
To contact the editor responsible for this story: Simon Lee at slee936@bloomberg.net
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