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Troy Harvey | Bloomberg | Getty Images
Billionaire Elon Musk, President and CEO of Tesla, on the left, speaks as Jeffrey Straubel, technical director and co-founder of Tesla, listens.
Tesla is reducing its full-time workforce by about 7% while it plans to increase production of its Model 3 sedans, said CEO Elon Musk on Friday.
Musk said Friday that Tesla was facing "an extremely difficult challenge" to turn its electric vehicles and solar products into a competitive alternative to traditional vehicles and energy products that use fossil fuels.
"Starting in May, we will have to offer at least the mid-range model 3 variant in all markets because we need to reach more customers who can afford our vehicles," said Musk.
"In addition, we must continue to move towards less expensive model variants 3." The cheapest version of Tesla Model 3 currently costs $ 44,000 and the company plans to release a $ 35,000 version.
In its most recent quarterly financial statements, the company released its first-ever profit in two years, with net income of $ 311.5 million and free cash flow of $ 881 million.
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