COVID-19 has done a number on the auto manufacturing sector as social distancing and lockdown orders have halted operations around the nation, but electric car manufacturer Tesla is set to resume its operations.
A CNBC report noted that Tesla “has started the process to resume operations and released a plan to bring its employees and contractors back to work, amid an escalating dispute with local health authorities in California over a shelter-in-place order that has kept the automaker’s Fremont factory idle during the coronavirus pandemic.”
“Our restart plan is the result of months of careful planning and preparation,” Tesla’s leadership said in a blog post. “It was modeled after the comprehensive return to work plan we established at our Shanghai Gigafactory, which has seen smooth and healthy operations for the last three months.”
The auto manufacturer filed a lawsuit against California’s Alameda County in protest of the lockdown orders that discontinued manufacturing operations.
“Contrary to the Governor’s recent guidance and support from the City of Fremont, Alameda County is insisting we should not resume operations,” Tesla’s leadership said in the blog post. “This is not for lack of trying or transparency since we have met with and collaborated on our restart plans with the Alameda County Health Care Services Agency.”
A few ETFs to watch with holdings of Tesla:
- ARK Industrial Innovation ETF (NYSEArca: ARKQ): seeks long-term growth of capital. The fund is an actively-managed fund that will invest under normal circumstances primarily in domestic and foreign equity securities of autonomous technology and robotics companies that are relevant to the fund’s investment theme of disruptive innovation. Most of the fund’s assets will be invested in equity securities, including common stocks, partnership interests, business trust shares, and other equity investments or ownership interests in business enterprises.
- VanEck Vectors Low Carbon Energy ETF (NYSEArca: SMOG): seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Ardour Global Index. “Low carbon energy companies” refers to companies primarily engaged in alternative energy, including renewable energy, alternative fuels and related enabling technologies (such as advanced batteries).
- First Trust NASDAQ Clean Edge Green Energy Index Fund (NasdaqGM: QCLN): seeks investment results that correspond generally to the price and yield (before the fund’s fees and expenses) of an equity index called the NASDAQ® Clean Edge® Green Energy Index. The index is designed to track the performance of small, mid and large capitalization clean energy companies that are publicly traded in the United States.
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