Tesla Shares Up Amid Production Hike

Tesla’s share price shot up on Wednesday following reports that the company is increasing production at its California facility.

The electric car maker is reportedly making preparations to hire more workers as part of an effort to increase output.

A leaked internal email reveals that the company is making serious efforts to increase production, according to Bloomberg. The email comes just a week after Tesla’s report revealed record production numbers. Over 87,000 vehicles were made and about 95,200 were delivered during the second quarter of 2019. The Tesla stock closed on Wednesday almost 4% higher, while the stock has risen 13% over the last month. Despite this, the stock is still down about 29% from the start of the year, mostly due to concerns over demand. “I want to be clear, there is not a demand problem. Absolutely not,” said Tesla Founder and CEO Elon Musk at the company’s annual shareholder meeting in June. Regardless, it would currently appear that Tesla is well on the way to having a great, record-breaking year.

Tesla’s hiring reports from the last few quarters have revealed that the company is also hiring thousands of people for service and energy installation positions. Tesla had 3870 listings for these jobs for the last quarter of 2018, but the first quarter of 2019 saw this number jump up to 32,000. The company is focusing more heavily on increasing deliveries in order to make up for the lower number of deliveries completed during the first quarter.

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11 months ago