Sunday, July 5, 2020

Tesla requests landlords for reduction in rent due to COVID-19

Coronavirus has a massive impact on all the small as well as big industries around the world. The automobile industry is among the most prominent sectors which came under the COVID-19 crisis. Presently, the U.S. is most affected, and thousands of people are losing their lives because of it. To prevent the spread of the pandemic, the government is taking strict actions. Many industries and companies are temporarily closed to avoid the spread of the coronavirus.

The American automobile company Tesla is also facing problems because of the coronavirus pandemic. All production and manufacturing of the electric vehicles are temporarily halted. Thousands of employees are sitting at home idle with no work. There can be no sales and growth generated in this period. Hence, Tesla took some actions to reduce its monthly expenses. The company decided to deduct a percentage of salary from each of the employees. Tesla also chose to provide unpaid leaves for those who do not have any work to complete from home.

Read Also: All-new Tesla launch mode update leaks before the official reveal

But still, the company is facing the economic failure in this period. Because of the drop in revenue, Tesla asked for negotiation in the rents of their dealerships from the landlords. According to the email sent by the company, they asked politely to decrease the rent amount on the dealerships and service centers. The American company wants to maintain a healthy relationship with the landlords and looked forward to a prosperous partnership. In the period of coronavirus outbreak, Tesla is taking every step very carefully and wants to bounce back on the track as soon the pandemic gets over.

Source: Futurism

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