Tesla On A ‘Hiring Spree’ In China As It Readies For Model Y Production: Report – Benzinga

Tesla Inc (NASDAQ: TSLA) has launched a large recruitment drive in China as it prepares to manufacture the Model Y vehicle at its Shanghai factory, Reuters reportedlate Monday.

The electric vehicle maker is hiring both designers and factory workers, according to job posts seen by the newswire.

Tesla is reported to have posted the jobs on its human resources departments WeChat account and is hiring designers in China for the first time, though the company didn't say how many it planned to hire.

The Palo Alto-based automakersaid in January it wanted to open a research and design center in the country to make Chinese-style cars.

Tesla is also looking to hire 600 workers for its assembly plant in Shanghai, a local government job posting revealed. It's hiring another 150 workers for quality checks, 200 for logistics, and 20 for security.

The Elon Musk-led EV maker is planning to construct facilities to make the Model Y SUV in China and the hiring is in relation to those plans, people familiar with the matter told Reuters.

In March, Tesla advertised to hire solar project managers for the expansion of its energy business on the Chinese mainland.

Wedbush Analyst Daniel Ives estimated this monththat Teslas growth in China is worth at least $400 per share and EV penetrationwould ramp up significantly over the next 12 to 18 months.

The companysold 15,000 Model 3 vehicles in China in June and 11,000 in May.

Tesla shares closed 8.65% higher at $1,539.60 on Monday and added another0.2% in the after-hours trading.

2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Tesla On A 'Hiring Spree' In China As It Readies For Model Y Production: Report - Benzinga

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