Tesla shares climb on Musk's promise of 'amazing' quarter

Data sources GoodCarBadCar InsideEVs

Data sources GoodCarBadCar InsideEVs

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

Bloomberg's Model 3 production monitor suggests that the current weekly production number of the Model 3 is about 3,500 cars per week, not the 6,000 that Musk had suggested back in July.

Tesla shares lost ground in morning trade after an analyst downgraded the company's stock and called the company "no longer investable", citing CEO Elon Musk's "erratic" behavior.

Tesla is removing obsidian black metallic and silver metallic from its standard color choices, according to a tweet from Musk. The fiasco reportedly sparked an SEC investigation into the accuracy of Musk's "funding secured" tweet. The stock rose 8.5 percent Monday.

Guillen joined Tesla in the fall of 2010 as the program director for the Model S, the Tesla's breakthrough electric vehicle that laid the groundwork for the crossover Model X and more mass market Model 3 that followed.

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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 vehicle in the first place.

Which sentiment comes closer to matching the reality of Tesla's third-quarter performance will go a long way toward determining whether 2018 is viewed as a triumph over adversity or the result of hubris and poor decision-making. Gill has an "underperform" rating on Tesla. To do this, however, management has said the company would need to achieve - and sustain - a production rate for Model 3 of 5,000 units per week. But that's still not good enough, and now Tesla looks to be dropping options in order to gain even more production speed.

Elon Musk appears to be confident of the company's chances this Q3, as revealed in a letter to employees shared in Tesla's official blog last Friday. Tesla's top accountant quit last week after a month on the job, and the company's HR chief decided not to return after a leave of absence.

"Guillen, as an eight-year veteran of Tesla, knows the company's operations inside and out and should be more than able to oversee the company's day to day activities". In a separate interview with the Guardian, Musk said, "Our policy allows trace amounts of THC during work times, provided they are below the safety limit (much like a minimum alcohol level)".

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