Discount options for Tesla Employees
Tesla offers certain discounts but there is no discount offered to any employee for the purchase of the car, the discount is not even available to the CEO’s relatives or family members on the purchase of Tesla cars.
Although, there are no cash-flow restrictions behind this policy rather it is formed on the principle of fairness and equality.
However, employment benefits are offered to the employees working at Tesla. Following are some discounts and benefits granted by Tesla.
Tesla Employees Discount
Every employee at Tesla is entitled to receive a 35% discount on all Tesla products (except cars) like solar panels, vehicle accessories, women’s and men’s apparel, etc., and on services such as travel, childcare, and entertainment.
Tesla Car for Employee Use
Tesla vehicles are at its employees’ disposal to be used either individually as a personal car or collectively with a group of employees for work-related purposes. Some employees say this is “as good as owning a Tesla.”
Tesla Referral Program
Tesla Referral Program works by giving a special code to each Tesla user which he/she has to pass on to any other potential Tesla buyer. With this code, a Tesla buyer is granted some discounts like free supercharging for life.
While the Tesla employee is granted a $10,000 referral discount. Tesla referral programs are valid for a particular time duration but the referral codes can be shared with an unlimited number of people.
Preferences for waiting list
Tesla employees are preferred on the waiting list of buyers of a new vehicle launched. In addition, they have free access to attend events and launches organized by Tesla for which the general public would have to pay thousands of dollars.
Tesla employees are also granted provisional discounts to induce sales of a new product or feature. For instance, Tesla launched a new “Autopilot Hardware 3 test program” which is installed into a Tesla car and would allow self-driving.
Tesla incentivized its employees to test for self-driving. In return, the Tesla cars of participants were to be upgraded with the newest hardware technology for free.
Accrued Paid Time Off
Another discount for Tesla employees was launched when Tesla wanted to boost its sales. It is called “Accrued Paid Time Off” in which the employees trade-off their paid off-time work in exchange for purchasing a Tesla.
Employees also received additional features like Autopilot and Full Self Driving mode with their purchase. This discount offer is also valid for SpaceX employees. Tesla secured massive sales after announcing this discount.
Financing options for Tesla Employees
Tesla employees are endowed with special financing options as a means of promoting financial well-being.
For instance, employees can sign up for a 401K program after receiving their first salary. Furthermore, according to the Employee Stock Purchase Plan (ESPP), Tesla employees are entitled to receive a 15% discount on stock prices twice a year.
Also, good performers can purchase affordable loans to manage their debts and expenses. An affordable loan is a better option as compared to the 401K program and credit cards that charge a high annual percentage rate.
This financial well-being incentive is facilitated by the London-based financial Tech startup called ‘Salary Finance’. And this discount is funded by Tesla’s partner Axos Bank.
Other perks and benefits for Tesla Employees
Apart from the above-mentioned discounts, some more benefits are provided for the satisfaction and motivation of Tesla employees. These benefits are explained below.
This can be either long-term or short-term disability insurance provided if the employee gets into an accident on the job. As a part of long-term insurance, Tesla or SpaceX would pay 60% of the employee’s salary.
The highest grant, in this case, is $5,000. On the other hand, Tesla pays 66.7% of an employee’s salary for 17 weeks maximum, $1000 per week.
Tesla values its employee’s physical and mental well-being which is why it offers health insurance for medical, dental, and vision treatment.
It mainly covers the cost of prescription drugs, ambulance fees, hospital accommodation, etc. Additionally, discounts are also offered on gym membership charges, fitness classes, counseling services, support groups, etc.
Life insurance benefit is aimed at supporting the families of deceased employees that are granted a two-year salary of the deceased employee in a lump sum. The maximum limit for life insurance amount is $1,000,000.
Tesla or SpaceX are built on the foundation of innovation therefore Tesla organizes high-quality training programs.
This increases employees’ development and self-efficacy. Training is focused on automotive engineering and clean energy solutions. Tesla’s employees get the opportunities to continuously learn new technologies and upgrade their skill set.
Granting bonuses in addition to basic pay is a great short-term incentive to acknowledge good performers and motivate other employees as well. Therefore, Tesla expends an average of $8,367 each year on employee bonuses.
A bonus can range from $2,457 to $30,000 depending on an employee’s status within the company. Other companies also give bonuses but Tesla is considered quite generous in this regard.
Other Tesla Benefits
Tesla and SpaceX employees are given certain services for free which might cost them several dollars if paid out of their own pockets.
For instance, stock market consultation, financial planning consultation, tax breaks, overtime compensation, gynecology services, etc. Tesla also provides paternity leaves (12 weeks for mothers and 7 weeks for fathers) and a $50 phone bill to its employees.
About Tesla and SpaceX
For the past decade, Tesla is well-known as America’s top-notch manufacturer of electric vehicles, sustainable energy products, solar panels, etc.
SpaceX being Tesla’s sister company specializes in designing and producing aerospace technology and space transport through rocket launchers.
Just recently, Elon Musk, co-founder and CEO of Tesla has hinted at combining Tesla, SpaceX, and other partners like Boring Inc., and Neuralink under one parent company supposedly named ‘X holdings’. This article aims at discussing the discounts or financing offers offered by Tesla to its employees, if any.
Despite all the discounts and benefits, Tesla employees have given mixed reviews about the company’s grants towards them.
As an example, some employees consider affordable loans through Salary Finance as a great benefit while others prefer a stable income, uninterrupted by maintenance leaves.
Similarly, some employees consider it fair to not receive a discount on Tesla cars and are happy to use Tesla cars during their job tenure. But others prefer to join competitors like GM, Ford, and Chrysler.
Generally, a direct discount is not available for the employees on the purchase of the car. However, different types of employee benefits are offered by Tesla.
Frequently asked questions
Who is the owner of Tesla, and is it the same as SpaceX?
Elon Musk is the owner of Tesla. The company is well known around the world to produce durable and stylish cars. Their vehicles are supplied all over the world and considered a sign of dignity. Similarly, SpaceX is another company owned by Elon Musk. This company is privately held and aims to bring incentives in the design and manufacturing of different car models. However, it’s important to note that SpaceX is owned by Tesla.
Is it safe to use the autopilot mode of Tesla?
Yes, it’s safe to use the autopilot feature of Tesla motors. This statement is supported by the fact that there was 1 crash per 4.42 million miles traveled by car. Hence, it’s a safe option than a car driven by humans.
How much is the cost of Tesla cars in the United States?
The cost of Tesla cars varies with the model. However, the range of the cars falls between $44,900 to $129,900 depending on the features and specifications of the model. These features include but are not limited to touch screen, reliable autopilot, supercharging, sentry mode, dog mode, etc.
This is the quality of features that make Tesla a remarkable name in the world of auto manufacturers.