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TESLA, INC.

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Delayed Nasdaq  -  05/23 04:00:00 pm EDT
674.90 USD   +1.66%
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Tesla Berlin factory to elect works council on Feb 28

01/20/2022 | 07:26am EDT
FILE PHOTO: Tesla's electric car factory in Gruenheide

BERLIN (Reuters) - Tesla's Berlin factory will elect its first works council on Feb. 28, Germany's largest union IG Metall said on Thursday, expressing concern that it was too soon for the election to result in a truly representative body.

Only one in six of the roughly 12,000 workers expected at the plant have been hired so far, in part because Tesla is still awaiting final approval from local authorities to begin production. The council will consist of 19 members.

IG Metall, which represents workers across automotive companies as well as other industrial sectors, fear that calling an election before a wider swathe of workers are hired will lead to a council top-heavy with management.

Under German labour law, only employees who have been working at a company for at least six months can stand for election.

The results of the election will be valid regardless of what proportion of the workforce votes, and a new election can only be called after two years if the workforce has grown by more than 50%.

"Those hired so far do not represent the workforce as it will look when production begins or reaches full capacity," said Birgit Dietze, head of IG Metall's regional office for Berlin-Brandenburg-Saxony, where Tesla's factory is located

Her comment echoed statements she made in November, when the union established that an election was on the cards.

A Tesla representative was not immediately available for comment.

Chief Executive Elon Musk has sparred with organised labour in the past and was ordered in March last year to delete a comment made on Twitter in 2018, which threatened to strip U.S. employees of their stock options if they formed a union.

(Corrects 5th paragraph to say new election can be called in 2 years if workforce has grown by more than 50%, not when it has more than doubled)

(Reporting by Victoria Waldersee and Ilona Wissenbach; Additional reporting by Nadine Schimroszik; Editing by Miranda Murray and David Goodman)


© Reuters 2022
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ChangeLast1st jan.
ON SEMICONDUCTOR CORPORATION -1.01% 55.89 Delayed Quote.-16.87%
TESLA, INC. 1.66% 674.9 Delayed Quote.-37.18%
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Financials (USD)
Sales 2022 86 732 M - -
Net income 2022 12 673 M - -
Net cash 2022 19 096 M - -
P/E ratio 2022 61,1x
Yield 2022 -
Capitalization 699 B 699 B -
EV / Sales 2022 7,84x
EV / Sales 2023 5,79x
Nbr of Employees 99 290
Free-Float 82,7%
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Mean consensus OUTPERFORM
Number of Analysts 38
Last Close Price 663,90 $
Average target price 963,33 $
Spread / Average Target 45,1%
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Managers and Directors
Elon Reeve Musk Technoking of Tesla
Zachary J. Kirkhorn Master of Coin
Robyn M. Denholm Chairman
Ira M. Ehrenpreis Independent Director
James Rupert Murdoch Independent Director
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