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Tesla slashing workforce by 7%

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Tesla announced it will cut its workforce by 7 percent, or by 3,150 jobs.

In a letter to employees, CEO Elon Musk said Tesla is "up against massive, entrenched competitors" and must work "much harder than other manufacturers to survive while building affordable, sustainable products."

"To those departing, thank you for everything you have done to advance our mission," he said. "I am deeply grateful for your contributions to Tesla."

Read more from CNN Business.

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