Tesla shares were down over 1% in premarket trade Monday on media reports that the automaker will lay off more than 10% of its global workforce.

The company’s stock was down 1.20% in premarket deals at roughly 7:30 a.m. ET.

“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,” Tesla CEO Elon Musk said in an internal memo cited by Reuters, which tech publication Electrek referenced in the first report of the layoffs.

“As part of this effort, we have done a thorough review of the organization and made…