Tesla stock slips after Plaid Plus model canceled

Shares of Tesla Inc.. TSLA, -1.93% dropped 0.3% in premarket trading Monday, following Chief Executive Elon Musk tweeted on the weekend that it has cancelled the Model S Plaid Plus electric vehicle, because the normal Plaid model is"so great."

Tesla stock slips after Plaid Plus model canceled

Musk tweeted that the Model S"proceeds to Plaid speed" this week, because it could go from 0 to 60 mph in only under 2 seconds, which he boasted makes it the quickest production car ever made. The Plaid, that has a starting price of $120,000, will have a battery range of 390 miles, while the Plaid Plus will have cost about $30,000 more and also have a battery assortment of 520 miles. Wedbush analyst Dan Ives reiterated his outperform rating and $1,000 stock price target, saying he remained"fully bullish" on Tesla as well as the EV market despite near-term speed bumps, for example China demand concerns. The inventory had jumped 4.6% on Friday to snap a four-day losing series. It has lost 15.1% year to date through Friday, while the S&P 500 SPX, -0.29percent has advanced 12.6%.

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