Austin-based Tesla reportedly set to lay off 10% of its workforce. Here's what we know.

• The company currently employs more than 140,000 globally.
• Tesla has seen a reduction in vehicle deliveries as well as drops in stock prices this year compared with 2023.

Austin-based Tesla is reportedly slashing 10% of its global workforce, though it's unclear how many jobs will be cut in Texas.

The layoffs were reported Monday by Reuters. The news outlet said it reviewed an internal company memo, but the memo did not say how many jobs would be affected.

Tesla's total employee headcount stood at 140,473 according to annual report released in January. If job cuts do affect 10% of jobs, more than 14,000 employees could lose work.

News website Electrek reported Monday that Tesla executives Drew Baglino and Rohan Patel are no longer with the company. Baglino was Tesla's senior vice president of powertrain and energy, while Patel was the company's policy chair, according to Electrek.

The company employs 22,777 in Austin, according to a recently released report filed with Travis County. Tesla is believed to be the largest private employer in the city, narrowly beating out H-E-B, according to data kept by Opportunity Austin. Only the state of Texas and the University of Texas employ more in Austin than Tesla.

More:Tesla's 2023 report shows number of employees. It is now Austin's biggest private employer.

A rocky start to 2024 for Tesla

Tesla is struggling to perform in 2024.

The company's stock has dropped nearly 35% since Jan. 1, and in recent days it has approached a 52-week low not seen since April 2023.

Earlier this month, Tesla released its latest vehicle delivery numbers ahead of its quarterly earnings report expected later in April. Its delivery numbers are the closest statistic to sales numbers that it discloses.

Tesla delivered 20% fewer vehicles in the first quarter of 2024 than in the final quarter of 2023.

Compared with the same quarter a year ago, Tesla saw an 8.5% drop in delivered vehicles.

More:Tesla's delivery numbers slump in Q1 amid tough quarter for company

The quarter was a "nightmare," and marks a "fork in the road" for Tesla and CEO Elon Musk, industry expert Dan Ives said in a note after the first-quarter delivery numbers were released.

While a bad first quarter had been expected, Ives said the results were an "unmitigated disaster" that is hard to explain away.

"This was a train wreck into a brick wall," Ives said.

One Austin City Council member voiced concern over the news, and offered a resource for those who may be affected.

"I’m deeply concerned about Tesla’s mass layoffs, which reflect an alarming trend across our country’s tech industry," District 2 Council Member Vanessa Fuentes said. "As one of Austin's largest employers, the impact of these layoffs will be significant and potentially devastating to many of our families. To those affected, please consider contacting Workforce Solutions Capital Area, at 512-549-4967 for support and assistance."

Some feel Tesla's growth in Central Texas and its footprint in the region leaves hope that the latest performance indicators and possible job cuts are only temporary setbacks for the company.

Opportunity Austin provided a statement to the American-Statesman on Monday highlighting some of the ways the explosion of job growth and success seen by Tesla has positively influenced the region.

"Tesla has continued to exceed job growth expectations in Central Texas and at the same time been an integral community partner for the Austin region," the statement said. "They have invested in educational and skills programs to provide our workforce with a variety of good paying jobs. As mentioned, Tesla is planning for its next growth phase which will positively impact the region’s economy as well as supplier companies located throughout the region. Tesla remains a key employer in the Austin region and Opportunity Austin expects them to continue being a major driver of economic success."