TSLA Stock Down 0.32% on Thursday as Elon Musk Delays Release of Tesla Roadster Sportscar

UTC by Christopher Hamman · 3 min read
TSLA Stock Down 0.32% on Thursday as Elon Musk Delays Release of Tesla Roadster Sportscar
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Tesla (TSLA) stock prices dropped at the end of the trading day yesterday after Elon Musk indicated that the production of the Roadster sportscar will be delayed.

Tesla Inc (NASDAQ: TSLA) stock price was down at the close of yesterday’s trading day. Price was down by 0.32%, at $780.04. At the time of filing this report, Tesla (TSLA) stock was at $786.50 (+0.83%). Sources say that this drop has to do with the decision announced by Elon Musk to delay the Tesla Roadster. The electric vehicle maker’s CEO indicated this in a podcast interview with popular comedian Joe Rogan. This interview was released yesterday. He indicated that other vehicles in development will come first.

He also reiterated his stance on the shelter-in-place restrictions. he referred to the lockdown restrictions as “unconstitutional”. he also said that the orders won’t stand in the face of a legal challenge at the Supreme Court.

Elon’s opposition to the movement restrictions is well known. He has previously called such restrictions fascist. The interview with Rogan concentrated mainly on Elon’s AI company Neuralink and other stuff.

It’s not the first time that this interviewer/interviewee combination made the rounds. The last time, in 2018, Elon stirred up controversy by lighting up a joint of marijuana while being interviewed.

Tesla (TSLA) Stock Price Fell after the News about Roadster

Musk indicated that he couldn’t provide a specific date when the roadster will be released. He indicated that other targets came first. Elon said:

“Roadster is kind of like dessert. We gotta get the meat and potatoes and greens and stuff.”

Those targets include improved production of the SUV Model Y.

The construction of a factory in Berlin was also on the list. Elon also said that Tesla should produce the futuristic Cybertruck before the Roadster. Elon had unveiled the Roadster in 2017. He had indicated that the sportscar would be faster than any legal sportscar available. The difference is that this car would be powered by batteries.

Roadster Will Still Debut

The Roadster is expected to go from zero to sixty miles per hour in 1.6 seconds. It would also have been the first all-electric sports car that is commercially available.

Tesla has already received $50,000 deposits for the Roadster. It will be priced at release for $250,000.

Elon has been known for his outlandish behavior. The genius behind his moves is obvious. The results that he has achieved show that despite his notoriety, Elon gets the job done. Results are all that matter to investors.

Tesla as an electric car company has grown in leaps and bounds since the start of the year. The electric vehicle maker was headed for a $1,000 valuation per stock price when the coronavirus hit. While Tesla (TSLA) stock price will again arrive there, it will take some time as the COVID-19 pandemic is still unfolding.

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