Tesla to ‘substantially’ increase prices on full self-driving option

Tesla to ‘substantially’ increase prices on full self-driving option

Tesla to ‘substantially’ increase prices on full self-driving option

Tesla agreed to pay a $20 million fine and Mr Musk stepped down as Tesla Chairman for at least three years.

Elon Musk and his lawyers were appearing before a federal judge in NY that will choose whether the Tesla CEO ought to be kept in contempt of court for violating the arrangement with all the U.S. Securities and Exchange Commission.

According to Bloomberg, Musk's lawyers and the SEC have been instructed by a judge to reach an agreement that will reign in Musk's ability to tweet anything he chooses by Thursday, April 18. A US judge gave the two sides until April 18 to meet for at least an hour and resolve their differences.

Musk on Saturday disputed reports that Panasonic had boosted annualized battery cell production capacity at the plant to 35 gigawatt hours, saying the company's lines were only at 24 gigawatt hours and have been constraining output of Tesla's Model 3 sedan.

Tesla stated it only delivered 63,000 vehicles in the quarter, down 31% from the fourth quarter of 2018.

Shares of Tesla are flat in premarket action at $267.35. The stock is down 21 percent this year.

The SEC accused the chief executive officer of securities fraud, and Musk settled. The agency contends that Musk hasn't sought the lawyer's approval for a single tweet.

SEC attorney Cheryl Crumpton urged that U.S. District Judge Alison J. Nathan handsome Musk when she finds him in contempt for breaking a deal with the SEC which requires him to clear tweets which may disclose important company details with attorneys.

A previous tweet regarding a strategy to take the company private contributed to the initial round of issues with the SEC.

The judge was not impressed, however, and told both sides to "Take a deep breath, put your reasonableness trousers on, and work this out", giving them until this Thursday to settle their differences out of court.

In the recent tweet on February 19 that inspired the contempt proceedings, Musk said, "Tesla made 0 cars in 2011, but will make around 500k in 2019." according to the terms of the earlier settlement, and was inaccurate. She wrote in an order the next day that if Musk is held in contempt, the court will allow further briefings on sanctions.

If Musk plans to attend the hearing loss, it's uncertain.

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