Tesla (TSLA, $544.86) will cut salaries by as much as 30%, and furlough some employees
Tesla will slash salaries by as much as 30%, amid COVID-19 crisis.
The electric carmaker has felt compelled to scale back production, as coronavirus pandemic refuses to die down. Next Monday onwards, the company’s U.S. employees at the director and vice president-level roles and above will see pay cuts of 20% to 30%. Everyone else in the company will receive a salary cut of 10%, according to an internal email (as reported by TheStreet).
The pay reductions are expected to remain through to the end of June. Pay rises and equity grants will be held off.
Employees of Tesla’s who can’t work from home will be furloughed without pay, though they will keep healthcare benefits, according to the internal email . (as reported by TheStreet).
Tesla is running "minimum critical operations" at present, and expects to go back to full operations at U.S. plants in early May unless there are any significant changes, as indicated in the email.
TSLA in +9.30% Uptrend, advancing for three consecutive days on September 05, 2024
Moving higher for three straight days is viewed as a bullish sign. Keep an eye on this stock for future growth. Considering data from situations where TSLA advanced for three days, in of 354 cases, the price rose further within the following month. The odds of a continued upward trend are .
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Notable companies
The most notable companies in this group are Tesla (NASDAQ:TSLA), Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM), NIO Inc. (NYSE:NIO).
Industry description
Automobiles continue to be arguably the most popular form of passenger travel in the U.S., and major automobile makers have revenues and market capitalizations running into multi-billions. In recent years, the industry has been experiencing some path-breaking innovations like electric vehicles and self-driving technology. While there are long-standing companies like General Motors, Ford, and Toyota Motors operating in this space, there are also emerging/rapidly growing players like Tesla – which has had a major role in the growing popularity of the electric vehicle market. With technological advancements taking steam in the auto space, we’ve also witnessed collaborations (or talks of potential partnerships) of carmakers with tech behemoths like Google’s subsidiary, Waymo.
Market Cap
The average market capitalization across the Motor Vehicles Industry is 33.66B. The market cap for tickers in the group ranges from 2.49M to 559.85B. TSLA holds the highest valuation in this group at 559.85B. The lowest valued company is EVTGF at 2.49M.
High and low price notable news
The average weekly price growth across all stocks in the Motor Vehicles Industry was -2%. For the same Industry, the average monthly price growth was 6%, and the average quarterly price growth was -11%. ELEK experienced the highest price growth at 90%, while PEV experienced the biggest fall at -18%.
Volume
The average weekly volume growth across all stocks in the Motor Vehicles Industry was 28%. For the same stocks of the Industry, the average monthly volume growth was 13% and the average quarterly volume growth was 20%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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