Tesla Motors, Inc. TSLA is on a hiring spree. The electric carmaker currently has 1,600 openings listed on its careers website. Further, Tesla is expected to add more jobs going forward as the terms of a $15 million tax credit that it won earlier this year require the company to hire 4,500 California-based employees in the next four years.
Considering that Tesla is a comparatively new automobile company with many ongoing projects as well as plans to boost its production volume, the need for bulk hiring is not surprising. Just last month, CEO Elon Musk tweeted to invite applications from software engineers to work on the company’s Autopilot program.
Tesla is also in the process of constructing a $5 billion Gigafactory in Nevada. It is estimated that the Gigafactory will create 3,000 construction jobs and 16,000 indirect jobs in the state apart from the 6,500 direct positions promised earlier by the company.
Tesla currently has around 14,000 employees. This is a large figure compared to the 899 employees it had in 2010.
In fact, Tesla is hiring so rapidly that it does not have enough parking space for its employees, per media reports. The company is reportedly using a valet service to park the excess cars at an offsite location.
Tesla currently carries a Zacks Rank #3 (Hold). Better-ranked automobile stocks include General Motors Co. GM, O'Reilly Automotive Inc. ORLY and Fox Factory Holding Corp FOXF. General Motors currently sports a Zacks Rank #1 (Strong Buy), while O'Reilly and Fox Factory carry a Zacks Rank #2 (Buy).
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