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Tesla says took payroll benefits to offset coronavirus shutdowns

Credit: REUTERS/LUCY NICHOLSON

Tesla Inc received payroll related benefits from the government in the first half of the year to help reduce the impact of the coronavirus pandemic on its business, the electric carmaker said in a filing on Tuesday.

July 28 (Reuters) - Tesla Inc TSLA.O received payroll related benefits from the government in the first half of the year to help reduce the impact of the coronavirus pandemic on its business, the electric carmaker said in a filing on Tuesday.

The company, whose Chief Executive Officer Elon Musk has spoken against further government aid as Congress debates another round of stimulus, said that, along with cost cuts, the benefits had offset almost all of its costs due to the idling of factories in this year's lockdowns. (https://bit.ly/2P4QdsC)

Tesla's only U.S. vehicle factory — in California, where most of its cars are currently produced — was shut down for some six weeks in the second quarter ended June after an initial standoff with local authorities.

(Reporting by Ayanti Bera in Bengaluru; editing by Patrick Graham)

((Ayanti.Bera@thomsonreuters.com; 646 223 8780 - 3401;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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