Shares of Tesla are off of the day’s highs after Bloomberg and CNBC reported that the company is laying off 9% of its workforce as part of a previously announced restructuring. The layoffs consist almost entirely of salaried workers, so the cuts will not affect the company’s ability to reach Model 3 production targets in the coming months, CEO Elon Musk said in a statement, according to Bloomberg. Tesla will also not renew its residential solar power sales pact with Home Depot (HD) in order to focus on selling solar power in its stores and online, Bloomberg added. Shares of Tesla remain up 4%, or $13.39, to $345.48 in afternoon trading.