Tesla is furloughing workers and cutting staff salaries after being forced to halt production at its lone American car assembly factory.
The Silicon Valley electric car maker emailed to workers late Tuesday to detail the plan to save money, with the hope of resuming vehicle production on May 4 in California.
US employees will receive temporary pay reductions of between 10% and 30% depending on their position, while non-US employees will receive comparable reductions, according to an email from Valerie Capers Workman, Tesla’s human resources manager in North America.
The news may have a strong impact on stock prices if investors decide to “back down” due to already reduced production, giving us the opportunity to enter a short position.
Junior Trader Daniel Dimitrov