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The electric car manufacturer Tesla is to reduce its full-time employee headcount by approximately seven percent. Elon Musk made the announcement in a statement to employees on the company’s website.  Musk described last year as ‘the most challenging in Tesla’s history’.

Musk says that Tesla will need to make these cuts while increasing the Model 3 production rate and making many manufacturing improvements over the coming months. He added: ‘This quarter…will hopefully allow us, with great difficulty, effort and some luck, to target a tiny profit’.

Musk concluded the statement with ‘I believe we have the most exciting product roadmap of any consumer product company in the world. Full self-driving, Model Y, Semi, Truck and Roadster on the vehicle side and Powerwall/pack and Solar Roof on the energy side are only the start’.

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