Tesla employees enjoy many advantages and perks, including exclusive discounts on products and services. Among the most coveted Tesla discounts for employees is the Tesla employee discount, granting employees the chance to acquire new Tesla products and apparel at a reduced price, excluding motor vehicles. This unique program extends to all company personnel, enabling significant savings of thousands of dollars on fresh Tesla products and services.
In this article, we delve into the details of Tesla discounts for employees, exploring its features, utilization, and the compelling reasons employees find it highly beneficial.
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Who is Telsa?
In Austin, Texas, USA, Tesla Inc. (Tesla) is a prominent American multinational corporation specializing in automotive and clean energy. According to Tesla, the organization actively participates in the design, development, production, sales, and leasing of electric vehicles, energy generation and storage systems. The company proudly showcases an impressive range of vehicle models, including the Model Y, Model 3, Model X, Model S, Cybertruck, Tesla Semi, and Tesla Roadster.
Tesla extends its services to encompass installing, maintaining, and selling energy systems, including solar electricity. With a comprehensive approach to clean energy, Tesla offers end-to-end products covering generation, storage, and consumption. Through its company-owned stores and galleries, the company operates manufacturing facilities in the United States, Germany, and China, catering to a wide reach across Asia Pacific and Europe.
According to an article from the New York Times titled "Biggest Public Company? Microsoft. Wait, Apple Again. Amazon? No, Back to Microsoft" Tesla earned substantial acclaim as one of the globe's most esteemed corporations. In 2023, it holds the distinguished title of being the world's most valuable automaker and has dominated the battery electric vehicle market in 2022, commanding an 18% market share.
Tesla Discounts for Employees
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Tesla has garnered acclaim for its employee-centric policies and benefits, prominently featuring its generous Tesla discounts for employees program. Based on an article from CarShtuff titled "Do Tesla Employees Get a Discount on Cars?" Currently, Tesla does not provide any employee discount on its vehicles. This policy also extends to the general public, as negotiations over the sticker price are prohibited. However, according to That Tesla Channel, certain Tesla employees may have access to company cars, which could be purchased at a reduced price.
Employees are eligible for 35% off all Tesla motor products that are not a car. The discount applies to entertainment, company apparel, childcare, and travel services.
Moreover, employees are eligible for discounts on Tesla's solar products, such as the Powerwall and solar panels. The discount amount varies depending on the specific product and location, affording potential savings of up to thirty percent from the original price.
Importantly, this employee discount is accessible to all Tesla employees, irrespective of their position or length of service. Furthermore, employees can take advantage of various benefits and privileges, encompassing active participation in a referral program tailored for new Tesla vehicle owners.
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Below we will discuss the current Tesla discounts for employees:
1. Tesla discounts for employees on Tesla merchandise and products
Tesla extends generous employee discounts of up to 35% on their merchandise, encompassing a wide selection of products and services that encompass travel, childcare, and entertainment.
The allure of Tesla merchandise remains strong, even among its employees. During the challenging period of nationwide layoffs and store closures in 2019, Tesla introduced exclusive pop-up shops named "Merch Madness" at their Nevada Gigafactory, catering solely to their workforce. Notably, the event witnessed a remarkable surge in demand as Tesla's distinctive company apparel and other products quickly sold out.
2. Tesla Discounts for Employees: Discounted Company Stock
Despite the immense popularity of Tesla stocks among investors, the company remains committed to providing its employees with an exclusive opportunity to become shareholders by acquiring company shares at discounted prices. According to an article from Barron's titled "A Volatile Market Comes With Good News for Savers" Through the Employee Stock Purchase Plan (ESPP), Tesla offers its employees biannual buying periods with discounts of up to 15%.
This offering is particularly compelling when considering the remarkable performance of Tesla stock over the past few years. As the company continues to experience substantial growth and scaling, the chance to purchase discounted shares becomes even more enticing.
This directly benefits employees and empowers them to enhance their investment portfolios, potentially resulting in additional income opportunities.
The employee stock purchase plan (ESP) works as this: It operates on a biannual basis, with two six-month periods commencing on the first trading day of March and September. During these periods, employees designate a fixed amount to be withheld from each payday, which cannot be altered. At the end of the period, the share price is 85% of the closing price on either the first or last trading day, whichever is lower. For instance, if the closing price on March 1 was $864.37, the price per share would not exceed $734.71 before the stock split and $244.90 after the split.
If the closing price on August 31 falls below $288.12, employees will pay less than $244.90 per split share. The stock split is important for employees since fractional shares are not issued. Any amount accumulated during the six months not utilized to purchase whole shares is refunded to the employee, resulting in a zero return on investment. For example, if the price remains unchanged until the end of August, an employee who sets aside $50 per week would have accumulated $1,300. Without the stock split, this amount would have yielded 1 share and $565.29 in cash. However, with the split, the employee would receive 5 shares and $75.50 in cash.
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How to Use Your Tesla Discounts for Employees
The Tesla discounts for employees program is designed to be user-friendly and uncomplicated. Eligibility for the discount is straightforward – you need to be an active Tesla employee. Once qualified, you can utilize your employee discount to acquire Tesla products/services at a discounted rate.
Initially, you must access the Tesla Employee Purchase Program website using your exclusive employee login details. The next step involves logging onto the Tesla Employee Purchase Program website using your unique Tesla employee credentials.
After logging in, you can access various offerings and personalize your products/services to suit your specific preferences. When you've finished customizing, the product's pricing is instantly revealed, considering the exclusive employee discount.
Once you've completed the customization phase, the product's price, including the special employee discount, will be promptly displayed. At this point, you can proceed to finalize your order and make the necessary arrangements for the hassle-free delivery or pickup of your Tesla product.
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Qualifying for the Tesla Discounts for Employees
Every active Tesla employee can benefit from the Tesla Discounts for Employees program when purchasing new Tesla products.
Moreover, you will be asked to present evidence confirming your employment status, which may come as a salary statement (payslip) or a letter of employment issued by the human resources department. Once the required documentation has been submitted, you will gain access to the exclusive discount made available specifically for you.
Benefits of Tesla Discounts for Employees
Utilizing the Tesla discounts for employees offers a range of advantages, notably the chance to achieve cost savings when acquiring new Tesla products. By using this reduction, you can purchase brand-new Tesla products at a price lower than the manufacturer's suggested retail price (MSRP).
Related: Employee compensation and what you need to know about it
Conclusion
In conclusion, Tesla offers its employees a range of discounts and perks, which greatly contribute to their overall happiness and welfare. The Tesla employee discount program offers significant savings on merchandise, services, and even discounted company stock. Employees can enjoy up to 35% off Tesla merchandise, including entertainment, childcare, and travel services. Additionally, with the Employee Stock Purchase Plan (ESPP), employees can buy Tesla shares at a reduced cost, potentially enriching their investment portfolios and generating extra earnings.
These discounts and benefits demonstrate Tesla's commitment to supporting its employees and recognizing their contributions to the company's success. By offering exclusive discounts, Tesla not only incentivizes its employees but also fosters a sense of loyalty and engagement within the workforce. The employee discount program allows employees to access Tesla products and services at reduced prices, enhancing their overall employee experience.
Overall, the Tesla employee discount program is a testament to the company's dedication to its employees' well-being and financial growth. By providing opportunities for savings and investment, Tesla empowers its workforce and reinforces its position as an employer that values and rewards its employees.
Richard Mapfuise is an Organizational Development Consultant at Industrial Psychology Consultants (Pvt) Ltd, a business management and human resources consulting firm.
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