Tesla says it got SEC subpoena about Model 3 production numbers

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Tesla says it got SEC subpoena about Model 3 production numbers

Tesla on Friday was hit with a subpoena by the Securities and Exchange Commission, which is probing projections the electric carmaker made for Model 3 production rates a year ago. We already told you that the company plans to make the Model 3 in China and has hinted at achieving 7000 units production capacity.

The Federal Bureau of Investigation also is examining whether Tesla misstated information about Model 3 production going back to early 2017, according to reports.

In October, Elon Musk stepped down as Chairman of the Board of Directors of Tesla under the agreement with the Commission on securities and stock exchanges of the United States of America, who accused the businessman of fraud.

The Summon feature, which is part of Tesla's driver-assist Auto-Pilot system, now allows Model S drivers to park their cars from outside the vehicle in tight spots or to move the cars short distances to shift parking spot.

The company also said on Friday that 44 percent of its third-quarter net profit was from previously undisclosed regulatory credits.

'Just an over-the-air software upgrade, so will work on all cars made in past 2 years (Autopilot hardware V2+)'. It didn't hit the 5,000-a-week target until June 2018.

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

A company spokesman wouldn't comment beyond the filing.

Both the SEC and U.S. Department of Justice are looking at whether Tesla misled investors about its business.

Tesla shares fell on the first day of trading after CEO said he is ditching efforts to take the company private. "Should the government decide to pursue an enforcement action, there exists the possibility of a material adverse impact".

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