Tesla under fire, Musk takes control of Model 3

The company's stock has been under fire for weeks on the Nasdaq due (mainly, but not only) to the failure to achieve the Model 3's production targets - The founder and CEO has decided to react by taking the reins again

Tesla sinks and Elon Musk runs for cover by taking control of the production of Model 3. The shares of the electric car manufacturer collapsed yesterday by 5,13% on the Nasdaq, to 252,48 dollars, despite the group's founder and CEO trying to laugh it off with this tweet:

Elon was found passed out against a Tesla Model 3, surrounded by “Teslaquilla” bottles, the tracks of dried tears still visible on his cheeks.

This is not a forward-looking statement, because, obviously, what's the point?

Happy New Month! pic.twitter.com/YcouvFz6Y1

- Elon Musk (@elonmusk) 1 April 2018

April fools day didn't work: traders still don't see a rosy future for Tesla. And the reasons are different: the production of Model 3 (the car designed for the mass market) remains below promises: 2 vehicles a week against the 2.500 promised for the end of March; US authorities are investigatingFatal crash of a Tesla SUV on autopilot; falls the bond which in August was snapped up and last week Moody's questioned liquidity company.

To address these difficulties and regain investor confidence, Musk has decided to personally take control of Tesla's manufacturing activities, which at this stage are obviously focused on the Model 3. The indiscretion was spread by the newspaper "The Information” and Musk confirmed it, while criticizing the work of journalists: “I can't believe you are writing about it”.

About a year ago, Tesla's manufacturing activities were handed over to Doug field, a former Apple engineer, formerly head of the electric car company's engineering division.

Now the reins are back in the hands of Musk: “As CEO, my job is to focus on what is most important – said Tesla's number one – and right now it is the production of the Model 3”.

Meanwhile, the title of the company has just returned from one of the worst months ever (-23%) and the capitalization has dropped to 42,6 billion dollars. The stock market value of Tesla has thus returned below that of Ford (43,2 billion). The stock has lost 19% since the beginning of the year and 12% in the last 9 months.