Tesla cuts number of stock colours to streamline production

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Musk told employees on Friday afternoon that its third quarter, which comes to a close at the end of September, will be "the most awesome quarter in our history", featuring double the vehicle production and deliveries Tesla achieved in Q2.

Viecha also restated Tesla's forecast that it will build 50 000 to 55 000 of its Model 3 sedans in the current quarter, and indicated the company's working capital will improve as production increases, Spak wrote.

The stock closed up 8.5 percent on Monday after two brokerages said the company could meet its production targets for the second half of the year. Then, earlier this month, a handful of Tesla executives announced their departure after Musk appeared on The Joe Rogan Experience podcast speaking on topics such as electric airplanes while sipping whiskey and smoking marijuana.

Coupled with an upfront cost of 21% of insured value, it now costs an investor around $280 000 to insure $1 million of Tesla debt for a year.

Tesla is cutting down the number of paint choices it offers on its family of electric cars. He also detailed seven new management changes, which come after Tesla's chief accounting officer quit last week after just a month on the job.

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Shares of Tesla fell about 4 percent to $275.20 Tuesday after Nomura analyst Romit Shah downgraded the company from "Buy" to "Neutral" on worries about Musk's erratic behavior.

This morning, however, it seems the Tesla stock has rebounded and is trading around what it was before the smoking news was released.

On Sep. 7, Bloomberg reported that Tesla's HR chief, Gabrielle Toledano, won't return after taking a leave in August.

A Tesla spokesperson referred to previous comments in which Musk said Tesla expects to turn a profit in Q's 3 and 4.

"With the launch of the Model 3, we saw that consumers were willing to forego compelling alternatives despite extended wait times and a premium price point". Needham analyst Rajvindra Gill struck a extra cautious tone on Tesla, highlighting longer-time interval hurdles for the firm. That strategy paid off as Tesla built a huge lead in the electric auto race, although that position is under assault from intense competition by rival manufacturers such as Mercedes-Benz and Ford. He views the drop off in Tesla shares following controversy over Musk's unapproved tweets regarding a take-private acquisition as overblown.

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