Shares of Tesla Inc.
TSLA,
+4.58%
slipped 0.3% in premarket trading Monday, after Chief Executive Elon Musk tweeted over the weekend that it has cancelled the Model S Plaid Plus electric vehicle, since the regular Plaid model is "so good." Musk tweeted that the Model S "goes to Plaid speed" this week, as it can go from 0 to 60 miles per hour in just under two seconds, which he boasted makes it the quickest production car ever made. The Plaid, which has a starting price of $120,000, will have a battery range of 390 miles, while the Plaid Plus would have cost about $30,000 more and have a battery range of 520 miles. Wedbush analyst Dan Ives reiterated his outperform rating and $1,000 stock price target, saying he remained "fully bullish" on Tesla and the EV market despite near-term speed bumps, such as China demand worries. The stock had jumped 4.6% on Friday to snap a four-day losing streak. It has lost 15.1% year to date through Friday, while the S&P 500
SPX,
+0.88%
has advanced 12.6%.