Tesla to cut workforce by 7 percent

(Reuters) - Tesla Inc on Friday said it will cut its full-time workforce by about 7 percent, while it ramps up production of its Model 3 sedan.

"Higher volume and manufacturing design improvements are crucial for Tesla to achieve the economies of scale required to manufacture the standard range (220 mile), standard interior Model 3 at $35k and still be a viable company," the electric carmaker said.

(Reporting by Shubham Kalia in Bengaluru; Editing by Bernard Orr)