Tesla just undermined Elon Musk's defense against the SEC, JPMorgan says

Getty Images  Getty Images  Kevork Djansezian

Elon Musk is following up his very messy 2018 with an equally bad musical release to kick off this spring.

While Model 3 deliveries were underwhelming, investors may give Tesla the benefit of the doubt because it was shipping so many cars to new markets for the first time, said Dan Ives, an analyst at Wedbush Securities.

On Wednesday evening, Tesla released its final numbers for deliveries during the first quarter of 2019, disappointing investment firms who had overestimated the automaker's total performance and sending stocks plummeting.

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The deliveries comprised 50,900 Model 3 electric cars and 12,100 Model S and Model X cars.

While the USA singer-songwriter might like Chevrolet, she apparently owns a Tesla, as she let her 319,000 Twitter followers know Wednesday when she couldn't get the car's dashboard screen to boot.

Tesla shares dropped below the $270 mark this week, Wall Street is now focusing closely on the $250 figure which Tesla shares have not closed below since March 2017.

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Tech billionaire Elon Musk surprised his followers with a rap song about Harambe, the western lowland gorilla killed at the Cincinnati Zoo. We reaffirm our prior guidance of 360,000 to 400,000 vehicle deliveries in 2019. (That, or he's trying to get into the April Fools Day spirit a bit early.) I truly wish I were making this up, but I swear to the gods that I am not.

Nathan is considering whether to hold Musk in contempt over a February 19 tweet, where according to the SEC he improperly posted material information about Tesla's vehicle production outlook without first seeking approval from company lawyers. We are doing everything we can to deliver cars globally as quickly as possible and look forward to continuing to scale deliveries throughout the year.

Tesla cited challenges it encountered with deliveries overseas. Tesla also has a considerable amount of cash tied up in inventory and the approximately 10,000 vehicles in transit to customers. Tesla's explanation for the declines blamed on Europe and China "speaks to the lack of planning and foresight that remains at the company", Joseph Spak, an analyst for RBC Capital Markets, said in a note Thursday.

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In addition, we will continue our organisational transformation to inspire greater passion and vitality across the organization". And countries that choose to work with Huawei will gain an advantage for the next wave of growth in the digital economy .

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