A bit of a slow news day for us. Generally automakers are extending their shutdowns by maybe a week. Tesla announced a staff reduction of 75% in Reno. I guess the rest of the people are required to make battery packs for their Shanghai, China plant in operation.
Quoting activity is still high in the EV area. Things are moving along well with the new Honda and Toyota business. We are launching a lot of new Tesla Model Y and Model 3 business, but it will be delayed a bit by our shut down. Overall, our long term future looks very good. We may have some lean orders for the rest of the year, but we’ll have to wait and see.
Now that the US House has passed the $2 trillion coronavirus relief bill, we will need to have our labor law firm explain it to us. We’ll be having a call on Monday and we should be able to shed some light on what it means for our employees and our business overall on Tuesday.
I think that in one of my updates from last week I said that we would be announcing our annual wage changes, bonus and profit sharing today. I just wanted to re-iterate what I said earlier this week : bonuses will be paid today, but we were going to have to wait and see the impact of the coronavirus has on our overall business before deciding what to do about wage/salary increases and profit sharing.
I hope everyone is doing well. It’s nice to have some blue sky and sun today. Wash your hands, stay away from others, and have a great weekend. Hopefully we’ll be getting back to work very soon.
David
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