Tesla now charging for two Model 3 colours to streamline production

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

Musk told employees on Friday afternoon that its third quarter, which comes to a close at the end of September, will be "the most wonderful quarter in our history", featuring double the vehicle production and deliveries Tesla achieved in Q2.

An email to Tesla reservation holders obtained by marque fan site Electrek says that in the future, the two paints will become "limited edition colors via special request at a cost of $2,000, only until Friday, Sept. 21, 2018". CEO Elon Musk is scrambling to ramp up M3 production fast enough to turn a profit, and use that money for looming debt payments. The stock price has dropped almost 12 percent since the first of the year.

In addition to being a pinch point slowing production, Tesla owners have taken to online forums to cite an unusual number of paint-quality and rust issues with their new Model 3s.

Shares of electric-car company Tesla (NASDAQ: TSLA) moved higher Monday, rising as much as 6%.

In a recent tweet, Elon Musk said that Obsidian Black and Metallic Silver will no longer be standard colour options on the Tesla Model 3.

Shares of Tesla Inc.

More news: US Open 2018: Rafael Nadal beats Dominic Thiem in epic quarter-final

Tesla did not immediately respond for a comment to confirm the report.

More than 400,000 people are on a waiting list to buy a Tesla; some have been waiting since March 2016, when the company first started taking orders.

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. They have fallen 29 percent from their August 7 intraday high of $387.46 when Musk tweeted about taking the company private. Bernstein noted that headlines have overshadowed the little we've heard about fundamentals, suggesting that "the company appears to remain on track to meet its Model 3 production guidance". Both said it would be highly unlikely for deliveries to begin in September and more likely for them to begin in 2019.

"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". Needham analyst Rajvindra Gill struck a extra cautious tone on Tesla, highlighting longer-time interval hurdles for the firm.

The $35,000 Model 3 will reach new customers for Tesla, some of whom won't own multiple vehicles.

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