More To Blame Than Mary Jane As Musk Inhales Tesla's Woes

More To Blame Than Mary Jane As Musk Inhales Tesla's Woes

(Not to mention, he had to revise Tesla Model 3's production target several times because his earlier goals for the Model 3 proved to be unachievable.) However, if you look at Tesla's business performance over a slightly longer time period, you might end up with a very different opinion of Musk as an electric auto company CEO.

In addition to removing the two colors, Tesla also made a decision to raise prices on two other paint options, Pearl White Multi-Coat and Red Multi-Coat.

The company, based in Palo Alto, California, has struggled to vault from a niche maker of expensive electric vehicles into a mass-market automaker.

In July, Musk stated an August goal of producing 6,000 Model 3 cars per week, however the current reality is closer to 3,500, according to estimates by Bloomberg. Musk has promised that as it sells more Model 3s the company will turn a sustained net profit starting this quarter.

Separately, automotive news website Electrek reported that Tesla is now launching its own in-house "Body Repair centres" to reduce repair time with the first nine locations.

More than 400,000 people are on a waiting list to buy a Tesla; some have been waiting since March 2016, when the company first started taking orders.

A Tesla Spokesperson told Business Insider: "We occasionally adjust pricing and available options to best reflect the value of our products and to streamline our manufacturing operations".

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Shares of Tesla closed down just over 2 per cent at $279.44 Tuesday after Nomura analyst Romit Shah downgraded the company from "Buy" to "Neutral" on worries about Musk's erratic behaviour.

Shares of the company, which closed up 8.5 per cent at $285.50 on Monday after two brokerages said it could meet its production targets for the second half of the year, fell almost 2 per cent before the bell on Tuesday.

"We think the [Tesla] setup in sentiment looks relatively favorable for the next few weeks", wrote Bernstein analyst Toni Sacconaghi in a note to clients on Monday.

The analyst cited Musk's increased Twitter activity, the snubbing of analysts on a conference call when Musk called their questions "boring", the NYT interview where Musk fell apart multiple times, and last week's live video interview, during which Musk smoked marijuana.

Tesla stock tumbled again last week after the company's chief accounting officer suddenly resigned after less than a month on the job.

Tesla did not immediately respond to a request for comment.

"While negative headlines around management turnover and executive leadership could be an overhang, we are labelling TSLA a "Fresh Pick" as we believe strong fundamentals should drive shares higher", Ben Kallo and David Katter, analysts at Baird, said in a note on Monday.

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