Economy

Tesla expected to halt production for six days

Tesla expected to halt production for six days

"It's super messed up that a Tesla crash resulting in a broken ankle is front page news and the ~40,000 people who died in us auto accidents alone in past year get nearly no coverage", Musk tweeted. Put simply, Tesla doesn't have much time left to prove that it's capable of sufficiently ramping up production on the Model 3.

Morgan Stanley's Adam Jonas slashed his price target to $291 from $376 for Tesla shares, roughly flat to the stock's Monday close.

Amid the manufacturing problems, senior Tesla executives have departed or cut back work. "Many investors we spoke with post the call agree".

He added that he would reduce the number of third-party contracting companies engaged by Tesla, equating them with "barnacles" needing to be scrubbed off.

Two sources who spoke with Reuters said that Model 3 production will cease as of May 26th, 2018 and resume on May 31st, 2018.

Tesla faces a slew of other issues, from increased skepticism over its finances to safety probes by regulators.

Tesla has shut down its production line twice before.

More news: United States hits head of Iran's central bank with terror sanctions

The NTSB and the National Highway Traffic Safety Administration are also looking into the performance of the company's Autopilot system in the March crash of a Tesla Model X on a California highway.

Tesla has said that autopilot requires constant vigilance and is not meant to take over driving responsibilities. But unlike Autopilot, Super Cruise uses sensors to track where the driver's eyes are looking, and will give audible and visual alerts if it detects that the driver isn't paying attention.

"This is false", Musk wrote.

Musk tweeted that while the eye tracking had been on the table, it was rejected for its ineffectiveness rather than cost.

It is unclear whether the auto was using Tesla's controversial autopilot system. "It is not a self-driving system", Musk said.

Tesla declined to comment on the report.

Tesla's autopilot feature has come under scrutiny in recent times following three fatal accidents that occurred while it was being used. [L5N1SL7R8] It was the latest accident involving a Tesla. The vehicle burst into flames and was attended to by Bellinzona firefighters, who say the blaze may have been caused by the Tesla battery.


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