Tech

Tesla says took authorities payroll advantages to offset coronavirus shutdowns

Summary

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

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

The corporate, whose Chief Govt Officer Elon Musk has spoken in opposition to additional authorities help as Congress debates one other spherical of stimulus, stated that together with price cuts, the advantages had offset virtually all of its prices as a result of idling of factories on this yr’s lockdowns. (https://bit.ly/2P4QdsC)

Tesla’s solely U.S. car manufacturing unit — in California, the place most of its automobiles 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 obtained and in what nation.

Tesla and its subsidiary SolarCity don’t seem on a listing by the U.S. Small Enterprise Administration, which issued forgivable loans to hundreds of 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 obtained sure payroll associated advantages which helped to scale back the influence of the COVID-19 pandemic on our monetary outcomes,” the corporate stated in its regulatory submitting.

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

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

Disclaimer: This submit 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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