Tesla cuts number of stock colors to streamline production

Elon Musk smokes marijuana on a podcast prompting two executives to quit

Tesla stock closed on Monday almost 8.5% higher at US$285.50, just off the session peak at US$286.03.

"Elon Musk's email to employees indicated Q3 would be 'the most fantastic quarter in our history, ' VIN registrations and the Bloomberg Model 3 tracker seem to imply production is on track, and insideEVs reported the company sold approximately 23k vehicles in August".

"The issue though is the erratic behavior of CEO Elon Musk".

"We are anxious that this behavior is tainting the Tesla brand, which in terms of value is most important", wrote Romit Shah in a Tuesday research note.

Tesla is adopting a tried-and-true approach to speeding up production: fewer colors.

The Model 3 was presented as Tesla's first mass-market vehicle, but so far, Tesla has only made premium versions of the Model 3 with long-range batteries. On Monday it rose 8.5 percent on positive analyst commentary. The bonds traded for just 84 cents on the dollar, down from 98 cents a year ago.

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Elon Musk continues to focus on how he can get Tesla to have more new cars rolling off the production lines every day. Tesla stock is up 5.4% in Monday morning trading following Musk's latest comments and after a Baird analyst reiterated his bullish stance.

Shares came under renewed pressure last week amid senior personnel changes, and after CEO Elon Musk was filmed smoking marijuana during a live interview. "We present that over the closing 18 months, retreats in the stock below $300 per fraction get hold of assuredly offered enticing shut to-time interval entry points, and we suspect the the same might perchance perchance be the case following closing week's turmoil".

"We see relatively little downside risk from fundamentals in the near-term, especially given somber expectations", the note said. "The company appears to remain on track to meet its Model 3 production guidance", Sacconaghi wrote. Musk pushed back that timeline in June, saying Tesla would start making $35,000 Model 3s near the end of 2018 and aim for mass production in 2019.

The decision may have something to do with the email Musk sent Tesla employees on Friday. In the letter, Musk noted that Tesla is poised to have the "most incredible quarter" in its history, and it is about to build and deliver "more than twice as many cars" as it did in Q2 2018.

Daniel Sparks owns shares of Tesla.

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