Tesla shares sink as senior leaders exit company

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In a new blog post, Musk predicted that the electric-car maker would build on its second-quarter success and have "the most wonderful quarter in our history, building and delivering more than twice as many cars as we did last quarter".

Tesla says is rapidly ramping up M3 production, which could take financial pressure off the company.

"Longer-term, however, we remain neutral on Tesla, as we believe the stock is unlikely to meaningfully break out of this range until investors get clarity on normalized Model 3 gross margins/profitability, as well as product quality", stated Sacconaghi. 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.

Tesla is dropping two of the seven standard colours it had offered to customers as it tries to streamline production.

Tesla Inc (NASDAQ:TSLA) shares have had a rough several weeks, but not everyone on Wall Street is swinging bearish on the electric automaker. He said in the email that Tesla will build and deliver over double the amount of cars it did in the second quarter, when it built 53,339 and delivered 40,740.

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Even before Musk's surprise tweet that he had funding "secured" for a go-private deal, Tesla had been under scrutiny from investors, analysts and short-sellers as it works to hit production targets and slow its cash burn.

After last week's live interview, Tesla's stock tumbled on Friday, also due to the resignation of Chief Accounting Officer Dave Morton, who is quitting after just one month on the job.

A Tesla spokesperson referred to previous comments in which Musk said Tesla expects to turn a profit in the third and fourth quarters. That means you'll have to pay more to get them and probably wait a bit longer for your vehicle, too. Felicia Mayo, who was senior HR director and head of Tesla's diversity and inclusion program, has been promoted to vice president level and will report to both Kassekert and Musk.

The Model 3 starts at $35,000 (€30k), although the cheapest one that can be purchased at present costs $49,000 (€42.5k).

"We see the current dip in Tesla's stock as analogous to prior trading opportunities, which have tended to arise when the stock falls below ~$300 per share".