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After closing last week at $819.42, Tesla (TSLA) stock is now down 3% to trade at around $792. The company highlighted its plan to bring employees safely to work, amid the coronavirus crisis.
Tesla Inc (NASDAQ: TSLA) stock sheds over $27.17 over the weekend to trade around $792.25 in the pre-market. The company is experiencing challenges in the Chinese market, whereby its Model 3 sales in the country fell by 64% in April, despite the electric car market recovery.
The company through its CEO Elon Musk has been pushing for the government to reopen the country for business. However, it has been met with both positive and criticism in almost equal measure. The shelter in place order has seen Tesla temporarily halt its operations in the country. However, things might change sooner than anticipated as Tesla through its official webpage highlighted its master plan to safely return the employees to work.
Tesla Wants to Get Back to Work while TSLA Stock Is Down in Pre-market
According to the post, Tesla’s restart plan is the results of months of careful planning and preparation. Whereby, it was modeled after the comprehensive return to work plan was established at its Shanghai Gigafactory.
To execute the plan, all the employees must complete an online video training before returning to work at any of Tesla’s facilities. Besides, the company has included an in-house physician to oversee the process transition smoothly.
The company completed an assessment of each site back in March and gathered what measures are needed to meet safety standards. Some of the measures include the addition of partition barriers to separate work areas, additional personal protective equipment, and also rigorous cleaning and disinfecting protocols.
Tesla’s decision to reopen its manufacturing was supported by the state governor, whereby it was also motivated by the fact that three other neighboring counties in the same situation have already restarted their economies including manufacturing.
However, the company is facing opposition from Alameda County, which is insisting on Tesla not to resume operations. As a result, the company filed a lawsuit on May 9 requesting the court to invalidate the county orders.
Elon Musk has been threatening to relocate its factory due to the shortcomings. His twitter sentiments have attracted a heated debate, even to a point of rubbing friction with the policymakers. He, however, seems unshaken and stands with his point of reopening the manufacturing.
Tesla (TSLA) stock will be highly influenced by the next moves its leadership implements amidst the ongoing coronavirus pandemic. It will be a huge win if the company reopens and there are no reported cases of new coronavirus infection. However, it will be catastrophic for the company and its stock if its decision harms its employees.