• Home
  • About
  • Africa
  • Americas
  • Asia
  • Europe
  • Middle East
  • Russia
  • South Asia
  • Space
  • World
  • Newsletters
  • Podcast
  • Contributors
  • Write For Us
  • Contact Us
Facebook Twitter YouTube
  • Leaders
  • States
  • Networks
  • Ideologies
  • Technologies
Facebook Twitter YouTube
Globely NewsGlobely News
  • Africa
  • Americas
  • Asia
  • Europe
  • Middle East
  • Russia
  • South Asia
  • Space
  • World
Subscribe
Trending
  • Pro-Russia Bloc Victory in Slovakia Polls Would Mark End of Ukraine Aid
  • Ukraine and Russia Spar Over Invasion’s Legality
  • Ukraine Military Faces Manpower Shortage in War With Russia
  • Imran Khan Remains Pakistan’s Most Popular Politician By Far
  • Vivek Ramaswamy’s Immigration Views Clash With His Real Life Story
  • How the African Union Can the Most of Its G20 Membership
  • Unpacking China’s Moves to Regulate Generative AI
  • Canadian Sikh Killing Should Be the West’s Wakeup Call on India
Globely NewsGlobely News
Home » Tesla Goes On Hiring and Production Spree As Stock Rallies
Americas

Tesla Goes On Hiring and Production Spree As Stock Rallies

Usman KabirBy Usman KabirJuly 12, 2019
Facebook Twitter LinkedIn Email Reddit WhatsApp
The Tesla Model S parked in Sydney, Australia (Image Credit: Jeremy/Wikimedia Commons)
The Tesla Model S parked in Sydney, Australia (Image Credit: Jeremy/Wikimedia Commons)
Share
Facebook Twitter LinkedIn Email Reddit WhatsApp

Electric car maker Tesla this week announced that it was boosting the production of cars at its factories in California and Nevada amid a surge in demand, and also going on a hiring spree to help balance the increased workload arising from the decision.

Tesla Automotive President Jerome Guillen made the announcement in an employee email that was leaked to the press. In the correspondence, Guillen asked the employees to keep the development confidential until Tesla chief Elon Musk decides to make it public.

The decision to hire comes after several job cuts at the EV maker over the past few months. The company has also been going through financial troubles after a slump in deliveries for the first quarter of 2019 and investments in a production facility in China.

The share price of Tesla stock also rose close to 4 percent after the news, closing at $230.92 by the end of trading on Wednesday. Tesla stock has surged since the California-based company reported record vehicle deliveries for the second quarter of 2019.

The demand for the Tesla Model 3 drove the 95,200 electric cars that Tesla delivered over the past three months. The Los Angeles Times reports that the boost in production is an indication that the demand for Model 3 is also sustainable for future deliveries.

However, the older models offered by Tesla, the Model S and Model X, have seen a slump in demand. Tesla only delivered 17,650 Model S and Model X vehicles in the second quarter of 2019. Tesla chief Elon Musk said this week that the models are set to undergo minor changes.

Musk has previously also said that the company would look to boost overall production as it tries to deliver close to a record 500,000 vehicles this year. The China-based Tesla facility, named the Gigafactory 3, is expected to start production in the coming months.

As Tesla prepares to release the quarterly earnings report next month, it still faces an uphill task convincing skeptical investors about the confidence it has in navigating the saturated Chinese EV market and whether vehicle demand fully justifies an increase in production.

Usman Kabir

Usman Kabir covered science, space, and technology for Globely News. As a kid, he would make models of the solar system and take part in water rocket competitions. His childhood obsession has led him to a degree in Space Science. Usman likes to spend his free time watching reruns of "Curb Your Enthusiasm" and "Seinfeld."

  • Usman Kabir
    https://globelynews.com/author/usman-kabir/
    China’s Private Space Companies Are Catching up to Their American Peers
  • Usman Kabir
    https://globelynews.com/author/usman-kabir/
    China's Emergence as a Space Power
  • Usman Kabir
    https://globelynews.com/author/usman-kabir/
    The History of Pakistan's Space Program
  • Usman Kabir
    https://globelynews.com/author/usman-kabir/
    China and Pakistan Deepen Space Collaboration
Electric Vehicles Elon Musk Tesla

More from Globely News

Race for Green Metals Goes to South Asia

September 25, 2023

EV Battery Plant Wage Dispute Could Trigger UAW Strike

August 9, 2023

Can EV Batteries Save the UK Auto Industry?

July 26, 2023

Norway’s Huge Phosphate Discovery Could Shake Up EV Industry

July 14, 2023

EVs, Once Scarce, Now Piling Up at Dealerships

July 12, 2023

China Could Unseat Japan as Top Auto Exporter

July 12, 2023
Add A Comment

Comments are closed.

Newsletter

Subscribe to the Globely Daily

Our flagship newsletter covers the leaders, states, networks, ideologies, and technologies that are transforming world power.

Pro-Russia Bloc Victory in Slovakia Polls Would Mark End of Ukraine Aid

September 29, 2023

Ukraine and Russia Spar Over Invasion’s Legality

September 29, 2023

Ukraine Military Faces Manpower Shortage in War With Russia

September 28, 2023

Imran Khan Remains Pakistan’s Most Popular Politician By Far

September 28, 2023
© 2023 Globely News.
  • Home
  • About
  • Editorial Policy
  • Privacy Policy
  • Terms of Use
  • Contributors
  • Write For Us
  • Contact Us

Type above and press Enter to search. Press Esc to cancel.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
SettingsAccept
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
SAVE & ACCEPT

Ad Blocker Enabled

Ad Blocker Enabled
Our website is made possible by displaying online advertisements to our visitors. Please support us by disabling your Ad Blocker.
Go to mobile version