Tesla has told staff it plans to lay off more than 10% of its global workforce, according to reports.

The cuts at the electric car manufacturer, led by Elon Musk, are understood to be the equivalent of around 14,000 jobs.

Mr Musk told employees “we have done a thorough review of the organisation and made the difficult decision to reduce our headcount by more than 10% globally”, in an email first reported by industry publication Electrek.

“There is nothing I hate more, but it must be done,” he added.

The company employs more than 140,000 people across the world, according to its latest annual report.

It is not yet known where the cuts will take place across the business.

It comes after Tesla indicated it has seen a decline in vehicle deliveries over the first quarter of 2024, representing its first decline for four years.

In the letter, the billionaire boss of the company said the process will enable Tesla to “be lean, innovative and hungry” for its next stage of growth.

“I would like to thank everyone who is departing Tesla for their hard work over the years,” he said.

“I’m deeply grateful for your many contributions to our mission and we wish you well in your future opportunities. It is very difficult to say goodbye.

“For those remaining, I would like to thank you in advance for the difficult job that remains ahead.

“We are developing some of the most revolutionary technologies in auto, energy and artificial intelligence.

“As we prepare the company for the next phase of growth, your resolve will make a huge difference in getting us there.”

Tesla has been contacted for comment.