Tesla keeps sliding on doubts Musk has the money to go private

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Analysts at UBS last week questioned the profitability of the Model 3, in a report that said Tesla could lose $6,000 on every base model.

When Lucid showed the Air as a concept vehicle at the NY auto show in 2017, Rawlinson said that the vehicle would start at a base price of U.S. $60,000, or USA $52,500 after federal tax credits. Rather than soaring toward that value, the stock has since plummeted 20% as parts of Musk's story unravel and pressure mounts on Tesla's board for its handling of the iconic CEO.

Tesla shares touched a three-month low of $285 in premarket trading before recovering to trade around $290, reducing its market value back below that of General Motors (GM.N) as the biggest USA carmaker.

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Mounting concern for Elon Musk's health and his ability to follow through with a pledge to take Tesla private sent the company's shares tumbling below $300 yesterday.

The Saudi Arabian sovereign wealth fund is in talks to invest $1 billion in electric vehicle startup Lucid Motors. Musk, 47, gave an alarming interview to the New York Times in which he said no one reviewed his tweet about taking the company private - and his claim about having the funding secured to do so - before he posted it.

Just after 2:30 a.m. Sunday morning, Musk responded, saying that "Ford & Tesla are the only 2 American auto companies to avoid bankruptcy". When pressed by the media and financial market regulators, the CEO revealed he had been in talks with PIF for a couple of years, and the fund's managers had made it clear to him the final decision was his.

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Analysts from the US bank had upped its forecast from $198 to $308 after a roughly $100 surge in Tesla stock following Musk's tweets on August 7 and the note on Monday was the latest evidence of scepticism about the deal on Wall Street.

While its prototype Lucid Air sedan has been well-received, it's unclear whether the company has the funding to get production going.

PIF's interest in Lucid Motors exemplifies Saudi Arabia's goal of diversifying its investment portfolio from oil sources.

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But, as we hinted earlier that Tesla executives have been trying hard for years to recruit a chief operating officer (COO) or other No. 2 executive simply to assume some of Elon Musk's day-to-day responsibilities, according to sources who were familiar with the matter.

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