Tesla cuts staff by 75% at California plant
Elon Musk has underplayed the threat of the virus in emails to employees
Stocks impacted: Tesla Inc (TSLA)
The electric car company is preparing to reduce staffing by about 75% at its California plant after the local Sheriff’s Office said the company was not complying with a three-week shelter-in-place order meant to curb the spread of the novel coronavirus. The company will drop from around 10,000 employees to 2,500. Tesla has told employees that they will have to use their paid time off days if they decide to stay home and to borrow days from other employees if they are out. Meanwhile, Elon Musk has underplayed the threat of the virus in emails to employees. Earlier, Ford, General Motors, Honda and Toyota said they would shut down all their factories in North America. Tesla stocks finished 16% lower on Wednesday and may extend the decline today.
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