Economy

Tesla hit with SEC subpoena over Model 3 production targets

Tesla hit with SEC subpoena over Model 3 production targets”

The electric-car maker said it continues to push to increase overall Model 3 production to about 10,000 units per week.

But now Tesla seems to finally be taking a step toward the vision the company first laid out in 2016.

"Tesla also said: ".there have not been any developments in these matters that we deem to be material, and to our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred.

When the Model 3 was launched in 2017, the company was optimistic about quickly ramping up production of the highly anticipated model.

Tesla acknowledged in a quarterly regulatory filing on Thursday that it has received a subpoena from the SEC asking about the company's forecasts the company made in 2017 for Model 3 production. It didn't hit the 5,000-a-week target until June 2018. Messages were left Friday seeking comment from the SEC and the Justice Department.

Musk said in that same earnings call that the company was struggling with "bottlenecks" on the highly automated Model 3 assembly line. A six week release time frame may be possible, but Musk and Tesla at large have a bit of a track record when it comes to missing deadlines. This prompted the CEO to tweet in August that he had the funding secured to buy out shareholders.

The settlement required Tesla and Musk to pay a fine of $20 million each and for Musk to give up his chairman role for three years. 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 shares finished the day Friday up 0.6 percent, at $346.41.



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