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

US regulators subpoenaed Tesla production data, company says

US regulators subpoenaed Tesla production data, company says

Missing production forecasts is not uncommon but the regulators are investigating whether Tesla's were deliberately misleading.

Tesla Inc. says in the filing that to its knowledge, no government agency in an ongoing investigation has determined that it did anything wrong.

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 previous year.

The remarkable footage from Madison, Wisconsin, has gone viral, helped by Tesla chief executive Elon Musk himself commenting on it. The lawsuit cites repeated promises in 2017 that Tesla was "on track" to build 5,000 Model 3s per week by the end of that year at its factory in Fremont, Calif.

Tesla finally met that target in June of this year.

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

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. Musk and Tesla agreed to pay a combined $40 million without acknowledging or denying wrongdoing. It recently settled a separate SEC probe over Mr Musk's aborted plan to take the company private, and last week soothed investors' fears over its financial state by reporting its first profit in two years.

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".

"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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