Elon Musk's Tesla Is Austin's Biggest Private Employer: So How Much Do Giga Texas Workers Get Paid?
Portfolio Pulse from Anan Ashraf
Tesla Inc. (NASDAQ:TSLA) has become the largest private employer in Austin, Texas, with a workforce of 22,777, marking an 86% increase. The company's Giga Texas employees receive an average annual compensation of $47,147, or $35.75 per hour, with new hires starting at $30.14 per hour. Tesla mandates a minimum wage of $15 per hour for contract labor. This growth contrasts with the Detroit Three automakers, where post-strike agreements have led to projected top wages exceeding $42 per hour by 2028. Tesla's Texas factory, a key manufacturing hub, was developed from a derelict mining area into a sprawling facility.
April 02, 2024 | 10:56 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Tesla's significant growth in Austin and competitive compensation could positively influence investor perception, highlighting its expansion and strategic investments in workforce and infrastructure.
Tesla's status as the largest private employer in Austin and its competitive compensation structure, compared to traditional automakers, underscore its rapid expansion and strategic positioning. This could enhance investor confidence in Tesla's growth trajectory and operational efficiency, potentially leading to a positive short-term impact on its stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90