Why Tesla will cut 10% of its salaried staff, Musk tells employees.

 The electric carmaker has been growing fast in recent years, but Elon Musk, its chief executive, appears to be concerned about a weakening economy.

 Tesla’s chief executive, Elon Musk, plans to cut 10 percent of the electric carmaker’s salaried work force, he told staff in an email on Friday.

 The job cuts will not apply to employees who build cars or batteries or who install solar panels, and the number of hourly employees will increase, Mr. Musk said in the email, a copy of which was reviewed by The New York Times. “Tesla will be reducing salaried head count by 10 percent, as we have become over staffed in many areas,” he said.

 Reuters reported the news earlier, citing a different email that Mr. Musk sent only to Tesla executives. The automaker’s share price closed on Friday down about 9 percent after that article was published.

 Tesla’s staff has grown substantially as sales have surged, and it has built new factories, including two that opened this year near Berlin and Austin, Texas. The company employed more than 99,000 workers at the end of last year. Just two years earlier, Tesla had 48,000.

 Mr. Musk and Tesla did not respond to requests for comment.

 Stocks fell after the jobs report was released on Friday as investors assessed the combination of hiring and wage increases on the outlook for economic growth, inflation and interest rates.

 The relatively strong jobs report for May could encourage the Federal Reserve to continue raising rates aggressively to rein in inflation, which risks denting economic growth. “The better the data, the more difficult that a pause or reduced pace of tightening later this year becomes,” analysts at TD Securities wrote in a research report published after the jobs numbers were released.

 The S&P 500 dropped about 1.6 percent, while the tech-heavy Nasdaq composite fell about 2.5 percent. Every major sector was down except energy, which has been benefiting from higher oil prices, a key factor pushing up costs for every other industry.

 Friday’s fall left the benchmark S&P 500 lower for the week, returning to the downward trend that has dominated most of the year. The index has fallen in eight of the past nine weeks.

 The yield on the 10-year Treasury note, a key benchmark for borrowing costs, jumped after the jobs data was released, to 2.96 percent, its highest level in about three weeks.

 The U.S. division of the carmaker Stellantis has agreed to plead guilty in federal court in Detroit to a conspiracy charge and to pay a $300 million penalty to resolve an investigation of the company’s attempts to evade diesel emission standards, the Justice Department said Friday.

 The company, which was formed when Fiat Chrysler and Peugeot merged, also agreed to cooperate with federal authorities as part of its plea agreement, a statement released by prosecutors said.

 The investigation centered on a claim that Fiat Chrysler tried to evade emission standards for some of its pickup trucks and Jeeps. Prosecutors said the U.S. division, also known as FCA US, had misled customers and regulators for years.