According to Reuters, Tesla's Chief Executive Officer Elon Musk has been under heavy pressure to stabilize the production of the Model 3. The electric car manufacturer said on Friday it would cut thousands of jobs to harness costs as it plans to increase production of the lower priced versions of its Model 3 sedan. The company, which has struggled to maintain long-term profitability also said it expects their fourth-quarter profit to be lower than the previous quarter.