Tesla’s median employee pay vs. the median American in 2018 is surprising

A recent proxy statement from Tesla has revealed that in 2018, a median employee of the electric car maker made $56,163, including salary or wages, performance bonuses, and stock awards. This figure is true for full-time, part-time, and temporary employees, excluding Elon Musk.

According to data from the Federal Bank of St. Louis, the median American made around $31,099 per year in 2016, the latest year where data on median earnings in the United States was available. Considering that the median earnings of Tesla’s employees is $56,163, the electric car maker’s workers seem to be receiving around 81% more than the median American.

While the median pay of Tesla’s employees is significantly higher than the US average, the company’s compensation for its workers is right in the middle of the auto sector. In 2018, Tesla’s median workers were paid less than Ford and GM, whose median employees made $64,316 and $77,849, respectively. Tesla’s median workers received more than Fiat Chrysler’s median employees, who received $37,504 in 2018.

Tesla’s 2018 median pay stands at the lower end of the spectrum when compared to other tech companies, together with industry leader Apple, whose median workers earned $55,426 in 2018. Median employees in other tech juggernauts such as Alphabet and Facebook earned significantly more, with the median employee in the two companies standing at $246,804 and $228,651, respectively.

Tesla has seen a number of layoffs this year as the company continued to streamline its operations amidst the ongoing Model 3 ramp. So far, Tesla has noted that as of April 1, it had around 42,742 employees in its ranks.

Tesla is known for being a challenging company to work for, though such a reputation seemingly adds to its allure among applicants. Back in October, for example, Tesla ranked as 2018’s “hottest” company among job applicants in Indeed, an employment-related search engine. The company was also listed on Hired‘s 2018 list of employers for whom tech workers want to work for the most, together with giants such as Google and Netflix.

Part of Tesla’s allure is the company’s earnest mission, which goes far beyond making cars and energy storage products. Tesla’s leadership, headed by rockstar CEO Elon Musk, also helps build the company’s image as an ideal place to work for if one is motivated and willing to take on challenges. Musk is known for his bold leadership style that is not for the faint of heart. Nevertheless, a poll from compensation monitoring website Comparably has revealed that Tesla and SpaceX employees perceived Elon Musk as one of the best CEOs of 2018.

Tesla’s median employee pay vs. the median American in 2018 is surprising

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Tesla (TSLA) will hold its 2019 Annual Shareholder Meeting on June 11

Tesla (NASDAQ:TSLA) has released the details of its 2019 Annual Shareholder Meeting, which will be held on Tuesday, June 11, 2019, at 2:30 p.m. Pacific Time at the Computer History Museum located in Mountain View, CA. Similar to Tesla’s recent Autonomy Day, the upcoming investor event will be livestreamed.

The Annual Shareholder Meeting will be focused on eight key agendas, which are listed below. Tesla’s vote recommendations are also included.

  • A Tesla proposal to elect two Class III directors to serve for a term of three years, subject to the approval of Proposal Five, or until their respective successors are duly elected and qualified (“Proposal One”).  – “FOR”
  • A Tesla proposal to approve the Tesla, Inc. 2019 Equity Incentive Plan (“Proposal Two”). – “FOR”
  • A Tesla proposal to approve the Tesla, Inc. 2019 Employee Stock Purchase Plan (“Proposal Three”). – “FOR”
  • A Tesla proposal to approve and adopt amendments to our certificate of incorporation and bylaws to eliminate applicable supermajority voting requirements (“Proposal Four”). – “FOR”
  • A Tesla proposal to approve an amendment to our certificate of incorporation to reduce director terms from three years to two years (“Proposal Five”). – “FOR”
  • A Tesla proposal to ratify the appointment of PricewaterhouseCoopers LLP as Tesla’s independent registered public accounting firm for the fiscal year ending December 31, 2019 (“Proposal Six”). – “FOR”
  • A stockholder proposal regarding a public policy committee, if properly presented (“Proposal Seven”). – “AGAINST”
  • A stockholder proposal regarding simple majority voting provisions in our governing documents, if properly presented (“Proposal Eight”). – “AGAINST”

All stockholders as of the close of business on April 15, 2019 are eligible to attend and cast their votes at the 2019 Annual Shareholder Meeting, though investors who are unable to attend the event physically can still cast their votes through the internet, by telephone, or by mail. The final voting results will be published in a Form 8-K, which will be filed with the Securities and Exchange Commission following the shareholder meeting. The document is expected to be accessible from the SEC’s website within four business days of the event.

Tesla’s upcoming shareholder meeting is a bit unique since four members of the company’s Board of Directors are not seeking re-election. The company has noted that Brad Buss, Antonio Gracias, Stephen Jurvetson, and Linda Johnson Rice will not stand for re-election to the Board at the expiration of their respective current terms. This will be at the 2019 annual meeting of stockholders for Buss and Rice, and at the 2020 annual meeting of stockholders for Jurvetson and, provided that Tesla stockholders approve a director term reduction proposal, Gracias as well.

This year also marks the first year where Elon Musk is not serving as the company’s Chairman of the Board, a position he was forced to relinquish following his run-in with the SEC last year over his “funding secured” tweet that started a short-lived bid to take Tesla private. Tesla has grown further since then, as exhibited by the Model 3’s international deliveries, the unveiling of the Model Y, and what appears to be the emerging ramp of Tesla Energy.  

The full details of Tesla’s upcoming 2019 Annual Shareholder Meeting could be accessed here.

Tesla (TSLA) will hold its 2019 Annual Shareholder Meeting on June 11

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Tesla Powerwalls replace conventional meters in VT with ‘battery-as-a-meter’ solution

Tesla Energy is taking part in a Vermont utility company’s efforts to push its customers towards sustainable energy solutions. Dubbed as the Resilient Home program, the initiative aims to bring Tesla Powerwalls to an initial 250 homes, all of which will be using the battery storage unit as backup power and as a replacement electric meter.

The program is being launched by Vermont-based Green Mountain Power, which prides itself for being one of the most climate-conscious utility companies in the United States. Customers who are part of the Resilient Home pilot will be able to acquire two Tesla Powerwall 2 units for $30 a month. Apart from allowing customers to get more benefits from wind and solar and providing backup power during outages, the Powerwall 2 units will also be measuring customers’ energy use, effectively replacing conventional meters.

(Photo: Green Mountain Power)

In a statement to Bloomberg, Green Mountain Power CEO Mary Powell stated that the company’s goal is to deploy batteries to every home that it services, which is a crucial step towards its target of using all renewable energy by 2030. “Our vision — our dream — is that there ends up being a battery in every home and business,” Powell said.

The Resilient Home pilot stands to benefit Green Mountain’s customers who take part in program. The cost of the system at $30 a month is a bargain, and having two batteries in every home ensures customers that there is more than enough backup power during emergencies, such as storms and other unexpected circumstances. The capability of Tesla’s Powerwall batteries during unexpected blackouts has been proven in the past. In February alone, a Powerwall 2 owner from Sydney, Australia was able to weather a power outage that affected around 45,000 homes in the area, thanks to his home battery storage unit.

Green Mountain and Tesla have worked together in the past. Last year, a “virtual power plant” comprised of homes equipped with Tesla Powerwalls saved customers around $500,000 during a heat wave in Vermont. Under the VPP program, customers were able to either purchase a Powerwall 2 for $1,500 or rent one at $15 a month, provided that homeowners allow Green Mountain Power to draw electricity from their batteries when needed.

Tesla’s Energy business holds a lot of potential, with legendary investor Ron Baron estimating that the division could be worth as much as $500 billion on its own by 2030. While Tesla Energy has taken a backseat in the past due to the Model 3 ramp, Elon Musk has noted that 2019 will be the year where the company will make a serious push of its energy products. “This is definitely going to be the year of the Solar Roof and Powerwall,” he said during the unveiling event of the Tesla Model Y. One can only hope that the Tesla Energy ramp is already underway.

Tesla Powerwalls replace conventional meters in VT with ‘battery-as-a-meter’ solution

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