Musk ditches two vehicle paint options to simplify Tesla production

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Shares slid 13% last week after CEO Elon Musk was filmed smoking marijuana during a live interview, and amid personnel changes that saw chief accountant Dave Morton resign. That strategy paid off as Tesla built a huge lead in the electric vehicle race, although that position is under assault from intense competition by rival manufacturers such as Mercedes-Benz and Ford.

Shah is now the second Tesla backer to recently question Musk's leadership.

"Musk is not your typical CEO", Sacconaghi wrote. Needham analyst Rajvindra Gill struck a extra cautious tone on Tesla, highlighting longer-time interval hurdles for the firm.

But Kallo thinks Tesla's stock should still go higher. The note helped send shares up 8.5% on Monday. "Model 3 Dual-Motor All-Wheel Drive is now a $6,000 option, and beginning September 13 we will be removing two paint options". So far, the company has only made premium versions of the Model 3 with long-range batteries.

The company's service centers, which make repairs on cars already sold, will stock the paint colors.

Elon Musk
Elon Musk

Morton, who is walking away from a $350 000 base salary and a $10 million new-hire stock grant that would vest over four years, said he believed "strongly" in Tesla and that he had no disagreements with the company's leadership or its financial reporting.

Musk has always been very interactive with its audience via his podcasts and seminars but there was something unusual during his latest web appearance. The decision was announced through an SEC filing, less than a month after he took on the role. Shortly after Guillen's return, Musk lauded his track record at Daimler AG's truck division, where he oversaw development of the Cascadia heavy duty semi trailer.

Tesla stock tumbled again last week after the company's chief accounting officer suddenly resigned after less than a month on the job. "Promoting Jerome is a small step in what is a much bigger problem, which is retaining existing talent and recruiting new talent".

The $35,000 Model 3 will reach new customers for Tesla, some of whom won't own multiple vehicles. He said the company could bring in someone else to run the day to day operations.

The former employee said Musk's prediction that production and deliveries will more than double was realistic and one current employee said Musk's optimism was reflected among the employee's colleagues.