The Model 3 is currently behind in its production and Musk wants to be on hand at all times to help fix any issues that occur on the factory floor.
Additionally, the U.S. National Transportation Safety Board said on Sunday it was "unhappy" that Tesla made public investigative information regarding the crash of one of its self-driving cars last month, which killed the driver. This is the third quarter in a row that the company had missed its promised production target. Experts say the carmaker needs to raise between $2-3 billion this year to finance the production of its newest model.
The Tesla statement said that the reason that the crash was so serious because the crash attenuator was already crushed from a previous accident and was not replaced.
A Tesla Model 3 sedan, its first car aimed at the mass market, is displayed during its launch in Hawthorne, California, US March 31, 2016.
Analysis: Will the Model 3 make or break Tesla? The company's current price of $261.35 represents a more than 30% drop from its all-time high in September 2017, when it touched an intra-day high of $389.61 per share. The problem that the company now faces is that its fixed-income "story" only work as long as the company's shares were going up. You can modify the drivers (in blue dots) to arrive at your own estimates for the company's revenues and earnings.
"We like the set-up headed into Q1 deliveries as we believe sentiment is overly negative, and think Tesla may be able to exceed lower expectations", Baird analyst Ben Kallo wrote in a note.
Jefferies on Monday raised its rating on Tesla shares to hold from underperform, predicting the company will soon act to "restore [its] credibility". Doug Field, the senior vice president of engineering hired from Apple, who was previously in charge will now focus solely on the engineering of the vehicles.
There was ample fodder for both bulls and bears in the Q1 car production results released by Tesla yesterday.
This morning's news, however, seems to have assuaged investors.
The joke ended finally in even worse taste, with a photo of Musk "passed out against a Tesla Model 3, surrounded by 'Teslaquilla' bottles, the tracks of dried tears still visible on his cheeks".