Markets

Tesla hit with SEC subpoena over Model 3 production targets

Tesla hit with SEC subpoena over Model 3 production targets

"But I think with Tesla, we really want to make products that people just love, that are heart-stopping".

Taking a short break from working Boring Company's Hyperloop test tunnel and turning Tesla's into remote control cars, Elon Musk sat down with Recode's Kara Swisher for an hour-long interview.

Tesla said that none of the government agencies within the current probes have found any wrongdoing.

It's the first time Tesla has formally disclosed the SEC subpoena in a regulatory filing, but there have been widespread news reports about its investigation into production forecasts.




Musk says the feature will be rolled out to Tesla owners as an over-the-air update, and will work on all the company's cars that have been made in the past two years, including the lower-priced Tesla Model 3. Even though he carries an iPhone, Musk didn't seem all that happy with the tech company as of late. It didn't hit the 5,000-a-week target until June 2018. This prompted the CEO to tweet in August that he had the funding secured to buy out shareholders. It did not say at the time that it had gained another $137 million in regulatory credits, which contributed to almost half of the profit.

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.

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


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