Tesla Inc. has announced a significant reduction in its workforce, planning to lay off over 6,000 employees across multiple locations, including 2,688 in Austin, Texas, and 3,300 in California, with 2,700 specifically in the Bay Area. The layoffs, which affect approximately 10% of its global workforce, are part of a broader effort to cut costs and improve efficiency. The company expects to incur over $350 million in costs related to these layoffs, primarily from employee termination expenses. The decision comes in the wake of a 9% drop in revenue and lower-than-expected sales figures. Tesla's CFO highlighted that the layoffs are expected to generate savings well in excess of $1 billion annually.