Published: Sat, November 03, 2018
Money | By Ralph Mccoy

Elon Musk Says He Wouldn’t Take Money From Saudi Arabia Now

Elon Musk Says He Wouldn’t Take Money From Saudi Arabia Now

A Tesla spokesperson told Reuters last week that the company had received a voluntary request from the Department of Justice for documents related to Model 3 production forecasts, but had not received a subpoena.

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.

The company originally said in its third-quarter earnings call past year that it would reach full production of 5,000 Model 3s per week in the first quarter of 2018. "Costs $35k after federal and state tax rebates in California, but true cost of ownership is closer to $31k after gas savings", Tesla CEO Elon Musk wrote on Twitter.

Tesla finally met that target in June of this year.

Last week, investors were cheered by the company's third-quarter net profit, wider margins and positive cash flow, which sent shares climbing.

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"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.

Elon Musk, following his short-lived plan to take Tesla Inc. private, said he now "probably" wouldn't accept an investment from Saudi Arabia's government after the death of dissident journalist Jamal Khashoggi.

The electric vehicle marker said: "Should the government decide to pursue an enforcement action, there exists the possibility of a material adverse impact on our business, results of operation, prospects, cash flows, and financial position".

Tesla also expects to continue to increase its Model 3 production rate to about 7,000 units per week at its Fremont, Calif., factory.

"We believe that the claims are without merit and intend to defend against this lawsuit vigorously", the company said in its filing.

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