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Tesla (TSLA) stock price fell slightly yesterday as the automaker reopened its Fremont factory despite lockdown orders.
Tesla Inc (NASDAQ: TSLA) stock price fell by 0.23% yesterday. As at the time of filing this report, in the pre-market, Tesla (TSLA) stock price was at $824.25 (1.83%). These movements in stock prices come at a time when Tesla CEO Elon Musk made the decision to reopen the Fremont factory in California.
Sources say that despite instructions from health authorities, Tesla’s Fremont plant reopened. This time though, several measures were put in place to ensure restriction of COVID-19 spread.
Tesla also seems to have the support of President Donald Trump. The United States president is keen on reopening the economy. This is despite warnings from health experts.
Tesla Stock Price Fell Yesterday as Its Fremont Factory Reopened
Internal sources describe the situation inside Tesla Fremont facility slower than normal. Several shifts had started on Sunday. By Tuesday, the production lines had been revved up. Models 3, Y, S, and X had started production.
COVID-19 production measures at the facilities are reportedly quite extensive. Staggered break hours and surgical masks were a part of the measures put in place by Elon Musk. He even showed up at the factory on Monday.
The health authorities at Alameda County haven’t changed their stance. Tesla received a letter from Country health officials ordering it to shut down operations to the basic minimum.
The County wants Tesla in addition to other things to come up with a better COVID-19 operations plan. Transportation is also an issue. Many workers come to work using public transportation.
Scott Haggerty who is the County District Supervisor said in a press interview that there were already plans on ground for Tesla’s reopening. He also indicated that the set date by the county was May 18. Elon Musk had wanted to reopen earlier.
The Governor of California State Gov. Gavin Newson had indicated support for Tesla. He said:
“I have great expectations that we can work through at the county level the issue with this particular county, and this company, in the next number of days.”
Tesla Implemented Measures Against COVID-19
As workers resumed to work. Several things happened . Temperatures were taken, and hand sanitizer dispensers were placed throughout the facility. The issue of concern was social distancing. Social distancing was possible at entry but not during production sources say.
Tesla workers usually wear personal protective equipment during production. Surgical Masks were the only addition. Scheduled break times enabled the EV maker to reduce the risk of crowding and its helped to allow work to go on but albeit slowly.
Tesla (TSLA) CEO Elon Musk had indicated that he was grateful for the workers support. In a work e-mail, he wrote:
“An honest day’s work spent building products or providing services of use to others is extremely honorable. I have vastly more respect for someone who takes pride in doing a good job, whatever the profession, than some rich or famous person who does nothing useful.”
Elon’s presence on Monday was a source of concern to some workers. Though this had more to do with his tweeting and working on the production lines.
As companies struggle with the fall out of the coronavirus situation, resumption to work may be possible. It comes with its risks though.
If such risks can be mitigated then it may be that this could be the way things can remain until the COVID-19 situation comes to an end.