Thursday, 22 November, 2018

Tesla subpoenaed by SEC over Model 3 production estimates

SpaceXAn illustration of SpaceX’s Big Falcon Rocket or BFR launching through Earth’s clouds and toward space SpaceXAn illustration of SpaceX’s Big Falcon Rocket or BFR launching through Earth’s clouds and toward space
Sandy Nunez | 06 November, 2018, 13:58

Early a year ago, Musk had said he hopes to launch the company's electric vehicles in India by the summer of 2017.

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

With global companies like Facebook, Google, Samsung, Honda already paving their way into settling their business and local production plants in the country, Tesla continues to be a high-end product with consistent delay/manufacturing issues.

The probe, led by SEC investigators in San Francisco, touches on questions that have been raised by Tesla investors and former employees into whether the company had truthfully conveyed its progress in producing its futuristic, battery-powered cars. At the time, he cited "some challenging government regulations" as a hurdle. Deepak Ahuja, our CFO, is from India.

"Aside from the settlement with the SEC relating to Mr. Musk's statement that he was considering taking Tesla private, there have not been any developments in these matters that we deem to be material", the company wrote in the filing.

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The report also said it was the first time the hole in the ozone layer had shrunk in both size and depth and size since 2000. Paul Newman, chief Earth scientist at Nasa's Goddard Space Flight Center, described the discovery as "really good news".

The Tesla CEO, in response to a query asking for easier access to service locations, said that the company was looking to expand its service presence in existing markets. Musk also has proposed a tunnel across western Los Angeles and another between a subway line and Dodger Stadium.

"To clarify further, the long-term goal for Tesla mass market products is local production for local markets (at least at the continent level)".

Elon Musk has yet again hinted that Tesla could soon make its Indian debut.

Musk was interacting with people on micro-blogging site Twitter when a user from India expressed disappointment over Tesla's absense in the country. 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, California. It remains to be seen if we can have a Tesla showroom in any major metro city in India too.