Tesla will lay off more than 10% of its workforce, tech publication Electrek reported on Monday, citing an internal memo.

The world’s largest auto-maker by market value had 140,473 employees globally as of December, according to its latest annual report.

Tesla did not immediately respond to a request for comment.

Tesla, which is set to report its quarterly earnings on April 23, reported a decline in vehicle deliveries in the first quarter, its first in nearly four years and also below market expectations.

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Meanwhile, the company has scrapped plans to produce an inexpensive car, abandoning one of Musk’s longstanding goals to make affordable EVs for the masses.

Tesla shares were down 0.8% in premarket trading on Monday.