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Tesla thins out its paint palette to "simplify manufacturing" at factory

12 September, 2018, 01:31 | Author: Lydia Fleming
  • Elon Musk smokes marijuana on a podcast prompting two executives to quit

Tesla shares climbed almost 9 percent on Monday as investors reacted to Elon Musk on Friday evening predicting "the most wonderful quarter in our history".

That being said, the Nomura Instinet analyst remains optimistic about the progress that Tesla as a company has accomplished with the Model 3 production ramp.

Tesla said cash from Model 3 sales will pay the bills and drive profits. The stock price has dropped almost 12 percent since the first of the year. A profitable quarter and massive increase in production could re-focus the Tesla narrative around the company's rapid production growth and improving financial prospects.

Elon Musk continues to focus on how he can get Tesla to have more new cars rolling off the production lines every day.

In June, the company met a long-delayed goal of making 5,000 Model 3s in one week, but in addition to sustaining that rate of production, it has a new hurdle to clear: delivering the $35,000 base-priced version of the Model 3 that prompted Tesla to make the auto in the first place.

Tesla Inc (NASDAQ:TSLA) shares have had a rough several weeks, but not everyone on Wall Street is swinging bearish on the electric automaker.


For all the assembly issues faced by the Tesla Model 3 in the first year of production, from battery modules to steel-welding robots, perhaps the last thing that many industry observers were expecting.

The announcement follows a chaotic week for Tesla in which Musk lost his chief accounting officer after less than a month on the job, then smoked marijuana during a late-night podcast hosted by a California comedian.

According to a June CNBC report, Tesla's paint shop has also had at least four fires, a very rare occurrence in modern auto factories.

But recent moves show they are keen to get as many Teslas on the road as possible.

Shares of Tesla dropped 2 percent in early trading.

The Model 3 starts at $35,000 (€30k), although the cheapest one that can be purchased at present costs $49,000 (€42.5k). Needham analyst Rajvindra Gill struck a extra cautious tone on Tesla, highlighting longer-time interval hurdles for the firm. In the letter, Musk noted that Tesla is poised to have the "most fantastic quarter" in its history, and it is about to build and deliver "more than twice as many cars" as it did in Q2 2018. The Motley Fool owns shares of and recommends Tesla.

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