Tesla in the tank

Hits 2-year nadir on analyst warning

Tesla’s stock hit its lowest level in more than two years after an analyst claimed Elon Musk’s distraction with “sci-fi projects” has plunged the electric-car maker into a “code red situation.”

Wedbush Securities’ Dan Ives on Monday cut his price target for Tesla shares to $230 from $275, saying Musk must focus on cost cuts as Tesla faces “headwinds” that include softening demand in the US.

“With a code red situation at Tesla, Musk & Co. are expanding into insurance, ro-botaxis, and other sci-fi projects/endeavors when the company instead should be laser focused on shoring up core demand for Model 3,” Ives wrote.

On top of leading Tesla’s sprawling ventures, Musk is also the chief executive of the rocket company SpaceX as well as the Boring Co., which digs tunnels for underground transit. But it’s Tesla that needs Musk’s attention the most, according to Ives.

The analyst views Tesla’s forecast of 360,000 to 400,000 car sales in 2019 to be “a Herculean task.” He sees between 360,000 and 370,000 as a best-case scenario, with the potential to bottom out at 340,000.

Tesla is building its next flagship factory in Shanghai, as well as preparing its Model Y for 2020 production, all while facing a growing cash crunch and high expenses, Ives said.

“Musk is a clear visionary, but I think investors are losing patience in terms of what we’ve seen over the last six to 12 months,” he told The Post.

Musk warned Tesla employees on Friday that the company could run out of cash within 10 months if it continues to bleed cash at its current rate, and will be looking to cut costs at every turn.

“Going forward, all expenses of any kind anywhere in the world, including parts, salary, travel expenses, rent, literally every payment that leaves our bank account must [be] reviewed,” Musk said in a memo to employees.

Tesla shares dipped down to $195.25 — their lowest level since December 2016 — before closing at $205.36, off 2.7 percent, or $5.67.