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Tesla avoids annual merit-based stock compensations

Bloomberg News reported Tuesday that Tesla does not give merit-based equity awards.

Tesla’s response to Reuters was delayed.

After securing new contracts with the Detroit Three automakers, United car Workers union announced in November a first-of-its-kind drive to officially organize the entire nonunion car sector in the U.S., including Tesla.

The article said managers informed paid employees, and four employees from separate departments told Bloomberg News they thought the move was common.

According to the report, workers received modest cost-of-living raises and basic salary modifications.

The report added that Tesla employees who reached the end of their four-year vesting cycle were given stock “refreshers” to keep their compensation competitive.