10:16 AM EDT, 05/09/2024 (MT Newswires) -- (Updates with additional details in the last four paragraphs.)

Tesla (TSLA) is ramping up job cuts in China after vehicle shipments in the country fell by 18% in April, Bloomberg News reported Thursday, citing sources familiar with the matter.

Additional layoffs started earlier this week, the report added, citing the sources.

The job cuts in April more directly affected sales representatives, the report said, citing the people.

Most of the impacted staffers will get a payout equal to their one month's salary for every year worked, plus an additional three months' salary, Bloomberg said, citing one of the sources.

Tesla did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 174.37, Change: -0.35, Percent Change: -0.20