Tech

Tesla says it took authorities payroll advantages to offset coronavirus shutdowns

Summary

Tesla Inc acquired payroll associated advantages from the federal government within the first half of the yr to assist scale back the impression of the coronavirus pandemic on its enterprise, the electrical carmaker stated in a submitting on Tuesday. […]

Tesla Inc acquired payroll associated advantages from the federal government within the first half of the yr to assist scale back the impression of the coronavirus pandemic on its enterprise, the electrical carmaker stated in a submitting on Tuesday.

The corporate, whose Chief Government Officer Elon Musk has spoken in opposition to additional authorities support as Congress debates one other spherical of stimulus, stated that together with price cuts, the advantages had offset nearly all of its prices because of the idling of factories on this yr’s lockdowns.

Tesla’s solely U.S. car manufacturing facility — in California, the place most of its vehicles are produced — was shut down for some six weeks within the second quarter ended June after an preliminary standoff with native authorities.

Reuters couldn’t instantly confirm which authorities help the corporate acquired and in what nation.

Shares of the corporate had been down 0.26% in noon buying and selling at $1,539, after earlier falling as a lot as 1.4%.

Tesla and its subsidiary SolarCity don’t seem on an inventory by the U.S. Small Enterprise Administration, which issued forgivable loans to thousands and thousands of firms in an effort to forestall widespread layoffs.

Tesla didn’t instantly reply to a request for remark.

“As a part of numerous governmental responses to the pandemic granted to firms globally, we acquired sure payroll associated advantages which helped to scale back the impression of the COVID-19 pandemic on our monetary outcomes,” the corporate stated in its regulatory submitting.

Tesla’s billionaire CEO Musk stated in a put up on Twitter on Friday that one other U.S. authorities stimulus package deal “isn’t within the pursuits of the folks.”

U.S. Republicans and Democrats are within the midst of debating a second large coronavirus support package deal to prop up the financial system and assist thousands and thousands of Individuals who’ve misplaced their jobs through the pandemic.

Disclaimer: This put up has been auto-published from an company feed with none modifications to the textual content and has not been reviewed by an editor


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