Tesla Describes Itself As 'Majority-Minority' Company In First US Diversity Report

Elon Musk's Tesla Inc TSLA published its first-ever diversity report on Friday.

What Happened: The Palo Alto, Calif.-based company's U.S. Diversity, Equity and Inclusion Report outlines the ethnic and gender composition of its workforce.

In the report, Tesla calls itself a “majority-minority” company. White employees make up 59% of the U.S. workforce, while Black and African American workers represent 10% of the workforce.

Four percent of director-level and above employees are Black. The company says this is a 60% increase in management representation.

“We know that our numbers do not represent the deep talent pools of Black and African American talent that exist in the U.S at every level — from high school graduates to professionals. Many of our programs in 2021 will focus on increasing Black and African American representation, especially in leadership, while continuing the upward trend in new hires and promotions,” the company said in the report.

Asian groups represent 21% of the workforce and 25% of the management.

Hispanic and Latinx employees stood at 22%, with 4% in senior management. Tesla says 24% of promotions this year have gone to this group.

Men make up 79% of the workforce and 83% of the company's leadeship. Women have 21% of our overall workforce representation, and 17% as Directors and Vice Presidents. This year, 25% of U.S. hires have been women, the company said.

“While women are historically underrepresented in the tech and automotive industries, we recognize we have work to do in this area," Tesla said. "Increasing women’s representation at all levels, especially in leadership, is a top priority in 2021.”

What's Next: The company said its main goal is to “increase representation of all under-represented groups” in 2021. It also said it would be hiring from historically Black colleges and universities.

Price Action: Tesla shares traded 0.057% lower in the after-hours markets, closing at closed at $598.70.

Photo courtesy Tesla