Tesla CEO Elon Musk called recent media coverage over the company’s decision to fire about 700 employees following annual performance reviews “ridiculous” and that the automaker must have higher standards than its competitors if it hopes to survive. “At every company in the world, there’s annual performance reviews,” Musk said, adding that Tesla has an extremely high standard, and one that’s far higher than other car companies. “You can’t be a little guy and have equal levels of skill as a big guy.” Tesla employs 33,000 people. A 700-person cut—the number Musk cited Wednesday during Tesla’s third-quarter earnings call—would mean Tesla dismissed about 2% of its workers. The San Jose Mercury News reported in October that an estimated 400 to 700 Tesla employees were dismissed, many of whom said the dismissals came with little or no warning. Tesla told Fortune that these cuts were made following the company’s annual p...