Tesla hit with SEC subpoena over Model 3 production targets

Eileen GuzmanNov 04, 2018

"To our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred", Tesla wrote in its filing.

Musk also talked SpaceX, his attempt to take Tesla private, his Twitter use, and more.

The expanding SEC probe could set up a new hurdle for a company that last month said it had finally resurfaced into profitability thanks to booming sales of the Model 3. He also argues that a fluctuating stock price is also a distraction within the company.

"It's important to have an electric sports auto that's faster than the fastest gasoline sports vehicle", Musk said.

The Federal Bureau of Investigation is examining whether Tesla incorrectly stated information about production of its Model 3 sedans, misleading investors in the process, as far back as early 2017, the Wall Street Journal reported.

In 2018, Tesla struggled to maintain a level rate of production and fulfill incoming orders.

Tesla finally met that target in June of this year.

SAN FRANCISCO (AP) - and its CEO have agreed to pay a total of $40 million and make a series of concessions to settle a government lawsuit alleging duped investors with misleading statements about a proposed buyout of the company.

A group of Tesla Inc. shareholders, including several US state investment officials, called on the company's board to make sweeping changes to its governance to enhance oversight of Chief Executive Elon Musk. Musk gave a presentation to PM Modi on the revolutionary technologies being developed by Tesla, which is likely to change the face of the motor industry and have wider implications on developing countries like India on renewable energy.

A regulatory filing explained that SEC has subpoenaed projections for Model 3 production in 2017.

The subpoena confirms that the SEC is investigating the company's production claims.

In September, Tesla settled a civil lawsuit by the SEC over tweets by Musk that funding was in place to take the company private.

Shares of Tesla fell $1.78 in mid-day trading, down 0.5 percent.

Model S and Model X sales in China will likely continue to be hurt by recently increased tariffs imposed by the Chinese government on US -manufactured vehicles, it said.

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