Tesla cuts number of stock colors to streamline production

Tesla stocks tumbled this week after CEO Elon Musk appeared to smoke pot in a podcast. In addition two top executives said Friday they were leaving the company

The two colors, Obsidian Black Metallic and Silver Metallic, will disappear from Tesla's site on Wednesday, confirms Musk.

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.

When the Model 3 was originally introduced to the public in 2016, Musk announced that Tesla would produce 100,000 to 200,000 of the cars in 2017.

Black, silver, blue, pearl white and red will still be offered.

But Sacconaghi said the company remained on track to meet key vehicle manufacturing targets in the third quarter and predicted shares would return to their historic range as the aborted go-private campaign becomes a more distant memory.

Tesla will reduce the number of paint options available for the Model S, Model X and Model 3 in a bid to improve production efficiency.

A Reuters report said Tesla now offered seven shades.

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A Tesla spokesperson expanded on the changes when reached by Reuters.

According to some tech industry analysts, Tesla's move to ditch paint options will just be the first of the many measures that the company is willing to implement in order for it to achieve a more simplified production process.

But the carmaker's stock dropped about 7 percent in total over the next two trading sessions on skepticism over the deal's financing and the news that the U.S. Securities and Exchange Commission to Tesla.

Tesla shares bounced Monday following an upbeat analyst note that suggested worries about chief executive Elon Musk and his various controversies were exaggerated. "During the second quarter, the switch seemingly flipped", analyst Romit Shah wrote.

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.

Nomura Instinet said Tesla remains "positioned to deliver unprecedented revenue growth" because its control of the supply chain and battery manufacturing technology places it ahead of other companies developing electric cars.

Shah added, "We believe that Tesla is in need of better leadership (an about face) and are moving to the sidelines until we see what happens with management".

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