Tesla stock dropped 5.6% on Monday and looks set to continue declining when the market opens in the US, following an announcement by the company that it will cut jobs. Job cuts will be partly focused on China in the sales department, according to a report by Reuters, which cited sources. Overall, the company will look to cut 10% of its global headcount amid stiff competition in the electric vehicle (EV) market, the report said. Read more: FTSE 100 LIVE: European stocks slump as China growth fails to cheer traders A price war between Tesla and Chinese rival BYD has meant Tesla's foothold in its second biggest market, China, is slipping. BYD has clinched an edge by producing cheaper vehicles while benefitting from owning many of the crucial elements that make up EV supply chains, such as lithium mines in the region. Last quarter, Tesla also reported its quarterly deliveries fell. Software giant Microsoft said it will invest $1.5bn (£1.2bn) in UAE-based artificial intelligence (AI) firm G42 — a move which would give it a minority stake and a board seat. The deal comes as powers in the US continue to block technological advances by foreign actors. Chinese companies have...