Thursday, 15 November, 2018

U.S. securities regulator subpoenas Tesla on Model 3 production estimates

An illustration of SpaceX's Big Falcon Rocket or BFR launching through Earth's clouds and toward space.       SpaceX An illustration of SpaceX's Big Falcon Rocket or BFR launching through Earth's clouds and toward space. SpaceX
Doris Mccormick | 07 November, 2018, 20:45

The interview also delved into the company's plans for a Model Y crossover SUV, and the upcoming revamp of Tesla's Roadster. Tesla has said that it would not manufacture the base-level version of the Model 3 this year.

In its filing, Tesla said it was not aware of any "material" developments in the open investigations.

Earlier in June 2017, Musk had tweeted that Tesla was in discussions with Indian hovergover for 'temporary relief on import penalties/restrictions until a local factory is built'.

As part of the settlement, Musk was forced to resign his position as chairman at Tesla for three years, with Musk and Tesla paying fines of $20 million each (£15m). Again, he blamed local regulations for Tesla's difficulties in launching its products in the South Asian country.

The SEC declined to comment.

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Investors have been trying to ascertain if the worst is over for the Silicon Valley company amid the fallout from Musk's short-lived plan in August to take the company private, and determine if Tesla has finally stabilized its rocky Model 3 production and can build the auto at a profit.

Still, in his most recent tweet, Musk outlined the company's long-term vision for expanding beyond its current biggest markets.

But the company also says if the government decides to take enforcement action "there exists the possibility of a material adverse impact on our business, results of operation, prospects, cash flows, and financial position".

One of the world's most innovative vehicle maker Tesla Motors is coming to India by 2019. In October, Musk tweeted that Tesla owners could refer a friend to purchase one of its cars and "get any image they want laser etched in glass & sent to deep space for millions of years". The original complaint was dismissed but was refiled in September.

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