Tesla ended reduced salaries this week

Tesla HR told employees this week that their reduced pay period ended June 29. Tesla cut salaried employees pay by 10% to 30% in mid-April citing Covid-19 pressures on the business. Tesla shares today soared after the automaker reported deliveries of 90,650 vehicles in the second quarter.Tesla told employees it ended a season of reduced pay for its salaried workers on June 29, 2020, as expected, according to internal correspondence obtained by CNBC. 

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In mid-April, the electric vehicle company cut pay for salaried employees by 10% to 30% depending on their position. At the time, Tesla cited Covid-19 pressures on the business as a justification for the pay cuts, and said they expected them to last until some time around the second quarter of 2020. 

• In a new HR email, which was sent to Tesla’s global employees by Human Resources on Wednesday July 1, Tesla reiterated details about a forthcoming performance review process. 
• Throughout the past decade, Tesla has switched schedules for its performance reviews, causing some employees to miss out on months of higher pay, or chances to receive bonuses or more senior titles before layoffs eliminated their roles entirely.
• On Thursday, Tesla shares soared after the automaker reported that it delivered 90,650 vehicles in the second quarter handily beating Wall Street expectations. CEO Elon Musk sent a “congratulations” email and thanked employees for their work during the stressful quarter the day before the delivery report, a vague nod to the fact employees had worked through a Covid-19 pandemic.
• The outbreak temporarily shuttered some of Tesla’s operations during the quarter, including its car plant in Fremont, California, and battery factory outside of Reno, Nevada. 
• Musk also thanked Tesla shareholders in a tweet for supporting his business, which has been publicly traded on Nasdaq for 10 years, but has not yet achieved a full year of profitability. Shares closed up 8% on Thursday, a day after Tesla’s market cap surpassed that of Toyota, making it the most valuable car company in the world.