Tesla acknowledges feds have subpoenaed its Model 3 production records

Tesla acknowledges feds have subpoenaed its Model 3 production records

A group of Tesla Inc. shareholders, including several US state investment officials, called on the company's board to make sweeping changes to its governance to enhance oversight of Chief Executive Elon Musk.

WASHINGTON, Nov 2 ― Tesla Inc said today it received a subpoena from the US Securities and Exchange Commission regarding certain projections the electric vehicle maker made for Model 3 production rates during 2017.

The Model 3 saloon, a more affordable auto than Tesla's previous models, is seen as crucial to the company's future and Mr Musk has described Tesla's push to make enough vehicles as "production hell".

The subpoena confirms that the SEC is investigating the company's production claims.

Early a year ago the Palo Alto, California, company announced plans to produce up to 5,000 Model 3s a week by the end of 2017.

GOP Sen. Jeff Flake: Obama's tone 'is better' than Trump's
Republicans hope to knock off Donnelly in a state Trump won easily in 2016 to expand their 51-49 majority in the Senate. But first, House Republicans , who are divided over spending, would have to overcome those differences.

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 vehicle at a profit. It didn't hit the 5,000-a-week target until June 2018.

The filing adds that Tesla is cooperating with a Justice Department request for information about Model 3 forecasts. This prompted the CEO to tweet in August that he had the funding secured to buy out shareholders.

Tesla reached a settlement with the SEC last month that involved Musk stepping down as chairman and paying a $20 million fine.

Tesla Inc shares were trading at $345.25 per share on Friday morning, up $0.97 (+0.28%).

Elon Musk, the chief executive of electric vehicle maker Tesla believes Apple has lost its allure and ruled out any possibility his company would manufacture electric scooters but expressed an interest in electric bicycles or e-bikes.

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