Elon Musk announces plans to lay off 7 pct of Tesla workforce

Elon Musk's electric car manufacturer Tesla announced Friday it is cutting its workforce by about seven per cent. Musk said the cuts are needed as Tesla works to meet its timetable for producing the Model 3 car. Musk said in a blog post that Tesla is making the staff cut as it works to reach more customers who can afford its vehicles.

(With inputs from agencies.)