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Tesla Took Payroll Benefits from US Govt to Offset Coronavirus Shutdowns: Elon Musk

Tesla Took Payroll Benefits from US Govt to Offset Coronavirus Shutdowns: Elon Musk

Musk added that along with cost cuts, the benefits had offset almost all of its costs due to the idling of the factories due to the Covid-19 lockdowns.

  • Reuters
  • Last Updated: July 28, 2020, 7:10 PM IST
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Tesla Inc received payroll-related benefits from the government in the first half of the year to help reduce the impact of the coronavirus pandemic on its business, the electric carmaker said in a filing on Tuesday.

The company, whose Chief Executive Officer Elon Musk has spoken against further government aid as Congress debates another round of stimulus, said that, along with cost cuts, the benefits had offset almost all of its costs due to the idling of factories in this year’s lockdowns.

Tesla’s only U.S. vehicle factory — in California, where most of its cars are currently produced — was shut down for some six weeks in the second quarter ended June after an initial standoff with local authorities.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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  • First Published: July 28, 2020, 6:14 PM IST
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