Elon Musk calls for end of lockdown ahead of Tesla first quarter earnings
Billionaire Tesla boss Elon Musk today called for the end of the US coronavirus lockdown ahead of the electric car company’s first quarter results tonight.
Musk tweeted: “FREE AMERICA NOW” and separately tweeted “give people their freedom back!”
He also tweeted a story about the relaxation of lockdown in Texas with the comment: “Bravo Texas!”
Tesla will deliver its earnings results for the first quarter tonight after US markets close.
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Yesterday, fellow car company Ford posted a $2bn (£1.6bn) first quarter loss, blaming the impact of the coronavirus epidemic.
Tesla shares surged this week on anticipation of its results and on speculation it could reopen its Fremont, California, plant after it was closed because of the pandemic.
Tesla suspended production at its San Francisco vehicle factory and New York solar roof tile factory on 24 March due to the pandemic.
Earlier this month Tesla furloughed all non-essential workers and cut salaries after production was shut down.
In the US, workers’ pay was cut by 10 per cent, directors’ salaries by 20 per cent and vice presidents’ salaries by 30 per cent.
Tesla employs more than 10,000 people at its car factory, which produced just over 415,000 vehicles last year.
Before the health crisis the firm had been planning to ramp up production of its Model Y SUV, which is expected to generate high demand.
Tesla has said it has enough liquidity to survive the period of uncertainty during the pandemic, with $6.3bn in cash at the end of the third quarter, ahead of a recent $2.3bn funding raise.
On 6 March Musk criticised fear over the spread of coronavirus.