Elon Musk says Model 3 production struggles are 'stressful' and 'painful'

Tesla Inc Investigation

The board removed Tesla as a party to the investigation, Bloomberg reported, but not before Tesla tried to get ahead of the story, asserting that the vehicle maker was the one pulling out. The agency was frustrated that Tesla had been talking about an open investigation.

On Tesla's last call to discuss the company's quarterly results with Wall Street analysts, Musk said that the company would begin generating "positive quarterly operating income on a sustained basis", and said he was "cautiously optimistic" that the company would be GAAP profitable. "Also, the issue of recall is hurting the company badly".

A recent CBS News interview helped illuminate Tesla's Model 3 production woes and Musk's inability to provide investors with accurate Model 3 guidance.

Many analysts have questioned the price of Tesla's stock, saying it doesn't correspond with its production rates and multibillion losses. Huang's family says he complained to Tesla service departments on multiple occasions that Autopilot had steered his vehicle on multiple occasions toward the barrier that his auto eventually crashed into. Tesla said "Autopilot requires the driver to be alert and have hands on the wheel".

Shortly after Tesla released the information, an NTSB spokesman said the agency was "unhappy" about the disclosure.

U.S. Senator Richard Blumenthal, a Democrat, said in a statement he was "troubled by Tesla's reckless disregard of its legal obligations to NTSB - potentially compromising NTSB's ability to conduct a thorough and robust investigation into the company's flawed Autopilot system". The company said the crash was worsened by a missing or damaged safety shield on the end of the lane divider. Further, Tesla remains a party to the ongoing investigations of the August 25, 2017, crash of a Tesla Model X in Lake Forest, California, and the January 22, 2018, crash of a Tesla Model S near Culver City, California.

Musk has just over two months to boost the weekly production by another 150 percent to the 5,000-unit target, which has already been delayed twice. "If anything, the NTSB is shining a spotlight on Tesla due to their innovation", Friedman said.

Among 28 analysts covering General Electric Company (NYSE:GE), 8 have Buy rating, 6 Sell and 14 Hold.

Earlier this week, Minami Tamaki LLP, the law firm representing Huang's widow, said it believes "Tesla's Autopilot feature is defective and likely caused Huang's death, despite Tesla's apparent attempt to blame the victim of this bad tragedy". It also says automatic emergency braking "is not created to avoid a collision and is not a substitute for maintaining a safe traveling distance" from other vehicles.

Tesla's initial statement announcing its withdrawal did not disclose that the NTSB was revoking its status.

But thankfully for Musk, this is one area where Uber and Tesla are similar.

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