Tesla says SEC subpoenaed Model 3 production information

03 November, 2018, 21:00 | Author: Brooke Harris
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A previous subpoena from the SEC, regarding a Tweet by chief executive officer Elon Musk that he had plans to take the company private, resulted in a $40 million settlement and Musk's ouster as chairman of Tesla's board for three years.

The US Securities and Exchange Commission (SEC) is looking into claims that the electric carmarker has made over production of its Model 3 sedans past year.

Elsewhere in the interview, when asked about the killing of journalist Jamal Khashoggi by the very same Saudi regime that invests heavily in Tesla, Musk said that he would likely not accept its money moving forward, but stopped short of condemning the regime outright.

Tesla said last week it did not receive a USA subpoena from the Federal Bureau of Investigation related to its Model 3 production forecasts, following a report that it faced a deepening criminal probe about the projections. It didn't hit the 5,000-a-week target until June 2018.

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Tesla has denied the claims, saying it disclosed production bottlenecks once identified, and pointing to Musk's public statements that the company was undergoing a period of "production hell" in 2017. This prompted the CEO to tweet in August that he had the funding secured to buy out shareholders. Musk and Tesla settled with the SEC in September after the agency sued for fraud. Neither Musk nor Tesla admitted wrongdoing in the settlement.

Tesla also said in its quarterly filing that it planned to start building about 3,000 Model 3 vehicles per week in Shanghai in the initial phase of its Gigafactory 3, to reduce the impact of tariffs.

Tesla shares finished the day Friday up 0.6 percent, at $346.41.



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