Tesla Subpoenaed By SEC Over Model 3 Production

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Tesla Subpoenaed By SEC Over Model 3 Production

Tesla Inc. said on Friday that it is developing plans to start producing about 3,000 Model 3 vehicles per week in Shanghai in the initial phase of its Gigafactory 3 to reduce the impact of tariffs.

"The SEC has issued subpoenas to Tesla in connection with. certain projections that we made for Model 3 production rates during 2017 and other public statements relating to Model 3 production".

'Just an over-the-air software upgrade, so will work on all cars made in past 2 years (Autopilot hardware V2+)'.

Tesla has often struggled to hit its chief executive's ambitious production forecasts.

The auto manufacturer has repeatedly missed its own production deadlines for the crucial Model 3 sedan, and is being investigated by multiple federal agencies on allegations it misled investors about its business.

"Musk described the technology as a "slightly smarter version" of the automaker's "Autopark" feature which now enables a Tesla to parallel park or perpendicular park on its own once the vehicle is next to a clearly marked open spot", reported USA Today. Musk and Tesla agreed to pay a combined $40 million without acknowledging or denying wrongdoing. The company said it produced about 4,300 Model 3s a week, excluding planned shutdowns, and 5,300 in the final week of the quarter.

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.

"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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