SAN FRANCISCO, June 17 Reuters Tesla CEO Elon Musk told employees on Monday that the electric vehicle maker is working on stockbased compensation for highperforming employees, according to two people who reviewed an internal memo.

The plan comes just days after Musk won shareholder approval for his 56 billion pay plan consisting of stock options and two months after he announced job cuts affecting more than 10 of Tesla39;s global workforce in the face of slowing demand for EVs and intensifying price competition from Chinese rivals

Over the next few weeks, Tesla will be doing a comprehensive review to provide stock option grants for exceptional performance, Musk said in an email, according to the two people who reviewed it and are based in China and the U.S., respectively. They declined to be named as the memo is for internal use.

There will also be an ongoing program to award spot option grants for anyone who does something outstanding for the company. Thanks for everything you39;re doing to make Tesla successful, the email said.

Tesla did not immediately reply to a Reuters request for comment.

Tesla last year skipped meritbased stock awards to employees, people familiar with the matter said. Tesla39;s margins took a hit last year from the company39;s aggressive price cuts aimed to revive demand and fend off competition.

Reporting by Zhang Yan in Shanghai and Hyunjoo Jin in San Francisco; Editing by Miyoung Kim and Jamie Freed

Source Reuters