Tesla Inc., under CEO Elon Musk, is set to lay off over 6,000 employees across its facilities in Texas and California, including significant cuts at its Austin factory and Fremont car factory. The layoffs, affecting 2,688 employees at the Austin location and 2,215 in Fremont, are part of a broader strategy to reduce costs by approximately $1 billion annually. This decision comes in response to a 9% decline in revenue and increasing competition in the electric vehicle market. The company had previously announced a global workforce reduction of 10%. The layoffs will start in June, impacting 3,300 workers in California.