Exactly one month ago we could read about Elon Musk’s confidence on the Model 3 production targets. Back then the stock sparked a violent rally that took the stock higher by approximately 23% in 10 trading sessions.
Recent performance has been all but rosy. The stock is down 17% from recent highs we saw only 3 days ago.
Price action is not being helped with the latest complaints from Norway, Tesla’s second biggest market. More on this topic click here.
Tesla is still trading without a bigger trend but note we are now below the 200, 100 and the 50 day moving averages. 300 is the first big level to watch.
Note how the stock has retraced the entire move since the rally that started one month ago.
Implied volatility (blue) has really spiked higher and is trading at rather extreme levels.
Below is an article from Digital.di.se, translated via Google regarding the fury among consumers in Norway.
The Norwegian Consumer Agency, Consumer Council, has noted a marked increase in the number of complaints against the electric car manufacturer Tesla in recent years, writes the Norwegian industry magazine Teknisk Ukeblad. Complaints include poor customer service, late deliveries, and technical problems.
“We expect Tesla to look at the services towards its customers,” says Pia Cecilie Høst, on the Consumer Council for the newspaper.
Currently, the Authority has 39 ongoing cases concerning Tesla, which places the electric car manufacturer fourth in the list of companies that generate the most complaints.
“It’s a violent increase. There are other car manufacturers at the top, but it is natural given the volumes they convert. In terms of Tesla, they are higher than what is naturally the turnover, “says Pia Cecilie Høst to Norsk Telegrambyrå, NTB, reports Bloomberg.
According to Nora Egenæs, communications advisor at Tesla Norway, the increase in complaints should be related to the increased number of Teslabils rolling on the Norwegian roads.
“We are working hard to increase our service capacity and will double the number of employees working in the area, as well as opening an additional number of service centers in the Oslo area during the year,” she wrote in an email to the news agency.
Tesla also promises improvement of its customer service through more opportunities to reach the company by phone – another common complaint to the Norwegian Consumer Agency.
Original article visit link here.