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Since the onset of 2022, TSLA shares have been on a downward trend.
According to a memo circulating the internet, Tesla Inc (NASDAQ: TSLA) employees are required to only work in-office or leave the job. In fact, Elon Musk has a specific message for employees seeking to work remotely, “They should pretend to work somewhere else.”
Nonetheless, the tech billionaire indicated that he would review and approve any special case to enable Tesla remote jobs.
“Anyone who wishes to do remote work must be in the office for a minimum (and I mean minimum) of 40 hours per week or depart Tesla,” the memo reads.
Tesla Market Pressure
The need to deliver more electric cars, as the competition rises in the market, has recorded a sharp uptick globally. In a bid to ensure seamless in-house collaboration between engineers, Tesla is keen to minimize remote working.
Moreover, Covid-19 restrictions have eased in most parts where Tesla operations are located. However, a notable exception is China which has enacted lockdown measures to prevent Covid resurgence.
The competition in the electric vehicle industry has scaled Tesla’s growth in the past few years. Remember the company has seen its market capitalization surpass $1 trillion during the Covid crisis.
Worth noting, that the electric car behemoth is maneuvering its way out of supply chain challenges. Mostly the battery cells and the semiconductor chip supply.
“In the first quarter, we produced over 305,000 vehicles and delivered over 310,000 vehicles, despite ongoing supply chain challenges and factory shutdowns,” Tesla noted in Q1 earnings results.
Notably, the company has experienced notable competition from other electric vehicle companies globally. Some of the notable competitors include but are not limited to Ford Motor Co (NYSE: F), and General Motors Co (NYSE: GM).
Tesla Shares amid Musk’s Calls for In-Office Work
Since the onset of 2022, TSLA shares have been on a downward trend. Perhaps among the top reasons is that Tesla is advocating for employees to go back to in-office jobs. Moreover, engineering hands-on jobs are most effective when employees are under one roof.
According to market data provided by MarketWatch, Tesla shares are down approximately 29 percent YTD.
Interestingly, TSLA shares have wiped out the gains made last year. Nevertheless, the case is not limited to Tesla as the stock market and the digital asset industry are on a free fall.
The company has a market valuation of approximately $785.86 billion according to MarketWatch. Having been rated 43 times in the past, TSLA shares received an average rating of Over.
Additionally, the analysts gave TSLA stock an average recommendation of Overweight with a price target of $971.96.