🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

Tesla's Shanghai factory workers welcome bonus increase after record deliveries

Published 07/14/2023, 07:20 AM
Updated 07/14/2023, 07:27 AM
© Reuters. FILE PHOTO: A truck transports new Tesla cars at its factory in Shanghai, China May 13, 2021. REUTERS/Aly Song/File Photo
TSLA
-

SHANGHAI (Reuters) - Several workers at Tesla (NASDAQ:TSLA)'s Shanghai plant, its biggest manufacturing hub globally by output, said they had been awarded a large increase in their latest quarterly performance bonuses.

The workers said they welcomed the award after the U.S. electric automaker had cut bonuses for many staff in the previous quarter.

Discontent at the plant emerged in April after several workers took to social media to complain about bonus cuts and appealed directly to founder Elon Musk, who said he would look into it.

Three workers told Reuters that they had received bonuses of 1.5 times of monthly base salary for the second quarter. This was higher than the quarterly bonuses - 1.2 times the monthly salary - that the majority of workers used to receive for average performance, the workers said.

The workers said several of their colleagues had received similar sized bonus increases but Reuters was unable to establish how many had been awarded a bonus hike. The plant, which makes Model 3 and Model Y, employs around 20,000 workers.

One of the workers said that his performance bonus had doubled this month on the first quarter, when it was cut to 0.785 times the month salary.

The workers said they were not given a reason for why their bonus had increased and if it was related to the previous complaints. But the move comes after Tesla delivered 247,000 units of China-made electric vehicles in the second quarter, the highest level since its Shanghai plant opened.

© Reuters. FILE PHOTO: A truck transports new Tesla cars at its factory in Shanghai, China May 13, 2021. REUTERS/Aly Song/File Photo

Tesla did not immediately respond for a request for comment.

In May, Musk paid a late night visit to the plant as part of his first trip to China in three years. He thanked the workers for "the amazing work", overcoming difficulties and challenges in a speech at the plant.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.