The stock prices of Tesla Motors Inc (NASDAQ:TSLA) soared to incredible heights (3.6%) after the electric vehicle high-flyer company announced its plans to hire thousands of new recruits in 2016. The company’s primary focus will be to build a team for developing an autonomous car. The growth of Tesla has been unstoppable and with its ambition to add at least 4500 employees from California to its team in the coming four years; the rise in its share values does not seem surprising. The stock prices of the company have grown at least 14 times since 2010, which indeed reflects its spectacular growth.
Elon Musk, the company CEO has tweeted that Tesla is in search of hardcore software engineers who would be working on the company’s Autopilot software team. Musk says in The Journal that the electric car company is thinking of recruiting only 100 applicants to start with although right now he has numerous applications flooding his inbox and that he will be checking in some time as he needs to hire thousands of Californian engineers. According to market experts, Tesla has to overcome the pressure it is currently facing to retain its top spot in the autonomous vehicle industry and hiring new talent can be a way to sustain at the zenith.
Top Competition from Apple and Alphabet
Tesla is facing stiff competition from other players in the market, Apple Inc. (NASDAQ:AAPL) and Alphabet Inc. (NASDAQ:GOOG, GOOGL) as both these companies are also working hard to develop their version of an autonomous vehicle. Apart from that, other traditional car companies including Toyota Motor Corp. (NYSE ADR: TM) and Ford Motor Co. (NYSE:F) are also now venturing into the electric car field.
Fortune reports that Toyota is planning to introduce its version of autonomous vehicle by 2020. That is why Tesla is planning to increase its workforce so that the company not only remains ahead of the competition but can also retain its top ranking even after a few years. Since most of the traditional companies are a bit late in catching up with the latest autonomous vehicle trend, Tesla with its multiple versions of Model X and Model S can think of being the leader all the way.