Wondered how appraisals at Tesla are? Elon Musk wants to give this to high-performing employees - Hindustan Times
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Wondered how appraisals at Tesla are? Elon Musk wants to give this to high-performing employees

Jun 18, 2024 01:58 PM IST

Tesla has announced job cuts affecting more than 10% of Tesla's global workforce amid slowing demand for EVs.

Tesla CEO Elon Musk told employees that his company may give stock-based compensation for high-performing employees, new agency Reuters reported. This comes after the Tesla boss won shareholder approval for his $56 billion pay plan which includes stock options. Tesla has announced job cuts affecting more than 10% of Tesla's global workforce amid slowing demand for EVs and intensifying price competition from Chinese rivals.

Tesla CEO Elon Musk waves as he leaves the Tesla Gigafactory for electric cars in Gruenheide near Berlin, Germany.(AP)
Tesla CEO Elon Musk waves as he leaves the Tesla Gigafactory for electric cars in Gruenheide near Berlin, Germany.(AP)

Read more: Elon Musk's shout out to Donald Trump in Tesla meeting: ‘He calls me for no reason’

Elon Musk said in an email according to people in the know, "Over the next few weeks, Tesla will be doing a comprehensive review to provide stock option grants for exceptional performance.

"There will also be an ongoing program to award spot option grants for anyone who does something outstanding for the company. Thanks for everything you're doing to make Tesla successful," the email said.

Read more: Elon Musk’s X wants laid-off employees to give money back: ‘They were overpaid’

The company skipped merit-based stock awards to employees, people familiar with the matter said as per the report. The electric car maker's margins took a hit last year from the company's aggressive price cuts aimed to revive demand and fend off competition. In 2024, Tesla shares have fallen 25% and the EV maker has warned of sharp slowdown in sales.

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