Published: Sat, November 03, 2018
Money | By Armando Alvarado

U.S. regulators demand Tesla hand over information amid investigation into production forecasts

U.S. regulators demand Tesla hand over information amid investigation into production forecasts

United States regulators have demanded Tesla hand over information as part of a criminal investigation into whether Elon Musk's electric auto maker misled investors over its production figures.

The Elon Musk-led company said in a filing Friday that thus far, no government agency in ongoing investigations has concluded that any wrongdoing occurred.

The US Securities and Exchange Commission (SEC) is looking into claims that the electric carmarker has made over production of its Model 3 sedans a year ago.

The disclosure in Tesla's quarterly financial report also says the Securities and Exchange Commission subpoena covered other public statements made about Model 3 production.

A previous subpoena from the SEC, regarding a Tweet by chief executive officer Elon Musk that he had plans to take the company private, resulted in a $40 million settlement and Musk's ouster as chairman of Tesla's board for three years.

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Only "small pieces" of the aircraft had been found, the diver said, that the search had gradually closed in on the black box. It had 189 passengers on board and rescuers confirmed human remains had been recovered 15km off the coast in the Java Sea .

But now Tesla seems to finally be taking a step toward the vision the company first laid out in 2016. "The DOJ has also asked us to voluntarily provide it with information about each of these matters and is investigating", the California-based company said in a filing.

Tesla finally met that target in June of this year. "Should the government decide to pursue an enforcement action, there exists the possibility of a material adverse impact".

"There's not many products you can buy that really make you happier", Musk said. Musk said. "Ford and Tesla made it barely through the last recession".

Listen to Elon's entire interview with Recode Decode here.

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