Tesla Q2 delivery exceeds expectations, employee pay cut ended

It is reported that Tesla's human resources department has informed the company's employees that the new crown epidemic has put pressure on the company's operations. Since mid-April, it has reduced the salary of the business department by 10% to 30%. The policy has ended on June 29. In addition, in the second quarter of 2020, Tesla delivered a total of approximately 90.65 million new vehicles. Compared with the previous estimate of approximately 80,000 vehicles on Wall Street, Tesla's delivery performance exceeded expectations.

In mid-April of this year, Tesla employees in the United States began to reduce wages at three levels. Each level has a different rate of salary reduction. Among them, executives above the level of vice president reduce their salaries by 30%, and executives below the vice president and above the director. Salary reduction by 20% and other employees by 10%. In addition, on July 1, Tesla's human resources department has sent an email to its global employees, and Tesla reiterated the details of the future performance evaluation process in this email.

In the second quarter of 2020, Tesla produced more than 82,000 electric vehicles and delivered approximately 90.65 million vehicles. Compared with the previous estimate of about 80,000 vehicles on Wall Street, Tesla's delivery performance exceeded expectations. Coupled with cost reduction measures such as salary reductions and delays in performance bonus issuance, Tesla may more easily achieve its profit target for the second quarter.

In this regard, Tesla CEO Elon Musk has also sent congratulatory emails to employees recently to celebrate the company’s second quarter delivery and production exceeded expectations. After surpassing Toyota as the world's most valuable automaker, Tesla's stock price has soared. Tesla has risen 49 times since its listing in the past ten years, and its market value has exceeded $220 billion.