Elon Musk's defense of his Tesla tweet will get SEC response

Tesla Model Y UK

The Model Y electric SUV will be at 8pm in Los Angeles which is 3am tomorrow morning UK time

It's partially backtracking on a plan to move to an online-only sales model, it's dealing with skepticism regarding consumer demand, and its charismatic CEO Elon Musk is, once again, in trouble with regulators over his tweeting habits.

"As a result of keeping significantly more stores open, Tesla will need to raise vehicle prices by about 3% on average worldwide", a blog post explained. Hence, we expect Tesla Model Y to come out at $38,500 for the basic variant.

Tesla Model Y is all set to be officially revealed on the 14th of March.

Ahead of the event, details are scant.

In February, the SEC "asked a judge to hold Musk in contempt for violating a settlement" with his February 19 tweet, Bloomberg reported.

Teaser images suggest a slightly more sophisticated external design than that of the Model X, which is perhaps a little cumbersome, but a more upright stature than the entry-level Model 3.

In other words, this will be meaningfully smaller and cheaper than Tesla's current SUV: the Model X.

Elon Musk says he shouldn't be held in contempt of court over a recent tweet about Tesla because he didn't violate his settlement agreement, and "there is no basis to issue contempt sanctions against him", according to a new court filing.

Last week, Tesla has launched its new base Model 3, priced at $35,000 and comes with a standard battery pack. But its announcement also mentioned the Model Y, which shares the Model 3 platform.

Lawyers for Tesla chief Elon Musk on Monday argued that U.S. regulators overstepped their bounds by calling for him to be held in contempt for a tweet.Musk had until the end of the day Monday to respond to an accusation by the Securities and Exchange Commission that he violated terms of a court-endorsed deal between him and the regulatory agency stating that he should avoid sending any tweet that could affect the price of Tesla shares.His attorneys contended in a court filing that Musk did not violate the court's order and that there is no basis to issue contempt sanctions against him.

In addition, Musk expects significant synergies from building the Model Y on the Model 3 platform. There will be no price increase to the $35,000 Model 3. The SEC said that a tweet Musk sent on February 19th about the company's production targets for 2019 violated the settlement between Musk and the SEC a year ago.

Musk's "single, immaterial" tweet to his more than 24 million Twitter followers claiming the electric vehicle-maker would produce around 500,000 cars in 2019 also complied with company's communication policy for senior executives, a condition of the settlement, lawyers for the Tesla chief wrote in a filing in federal court in Manhattan.

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