Tesla shares plunge as Musk axes long-range Plaid+ sedan
Tesla Inc. shares shrugged off disappointment from a decision to drop a longer-range version of its high-performance Model S sedan on Monday to end the day higher.
Tesla investors were disappointed with the CEO Elon Musk's decision to drop a longer-range version of its high-performance Model S sedan on Monday to end the day higher.
The electric-car maker’s shares fell as much as 2.7% in New York after Elon Musk tweeted that the Model S Plaid+ sedan was canceled, but later recovered to close the day up 1% following gains in tech stocks in the last hour of trading. Musk on Tuesday had said there’s “no need” to offer the car because the shorter-range Plaid version “is just so good.”
Tesla listed the Plaid+ on its website as offering more than 520 miles (837 kilometers) of range, compared with about 390 for the regular Plaid model, and had been taking refundable deposits for the car for months.
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