CEO Elon Musk says Tesla will layoff more than 10% of its global workforce: 'Nothing I hate more'

Tesla will layoff "more than 10%" of its global workforce as the company prepares for its "next phase of growth," CEO Elon Musk announced on Monday.

The decision could impact as much as 14,000 employees, according to Electrek.

"Over the years, we have grown rapidly with multiple factories scaling around the globe. With this rapid growth there has been duplication of roles and job functions in certain areas. As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity," Musk said in an email to staff.

"As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally. There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle," he also said.

The news comes after Tesla missed first quarter vehicle delivery expectations.