Tesla Inc TSLA.O can not continue to operate its main US vehicle plant normally as its San Francisco Bay Area home began a three-week lockdown on Tuesday to slow the spread of coronavirus, a county sheriff's office spokesman said.
Alameda County, where the factory is located, is among several California counties - San Francisco, Santa Clara, San Mateo, Marin, Contra Costa, and Sonoma - that this week issued a shelter-in-place order to mitigate the spread of the deadly COVID-19 coronavirus.
Under the new order in Alameda County, businesses deemed non-essential can continue only minimum basic operations, such as maintaining the value of inventory, ensuring security and processing payroll and employee benefits.
According to The Times, Tesla had been categorised as 'essential business.' The report says that this is despite it not seemingly meeting any requirement for it to be categorised as such. I will personally be at work, but that is just me.
Tesla declined to comment for this story. Workers were seen entering and exiting the factory, there were food trucks onsite and a landscaping contractor rode a lawnmower around the grounds.
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The S&P 500 fell 324.89 points, or 11.98 percent, to 2,386.13-its lowest point since the 2008 financial crisis. We're not thinking in terms of recession, we're thinking it terms of the virus'.
Tesla CEO Elon Musk has repeatedly stated that the coronavirus panic is more unsafe than the virus itself.
After negotiations with the Sheriff's Office, Tesla was allowed to operate with one fourth of its workforce, and under the assumption that no vehicles will be manufactured in the factory.
On Wednesday night, a Tesla attorney sent out an email that reiterated that most employees should go to work and clarified that the company had not yet laid off staff. On Wednesday, witnesses said they saw "thousands of cars" in the parking lot outside the factory.
Our cash position at the end of Q4 2019 was $6.3B before our recent $2.3B capital raise. Its share price fell 5.1% in after-hours trade on Tuesday.