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SEC Subpoenas Tesla’s Production Records
Tesla Inc. confirms that its production statistics for the Model 3 electric sedan have been subpoenaed by the U.S. Securities and Exchange Commission.
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Tesla Inc. confirms that its production statistics for the Model 3 electric sedan have been subpoenaed by the U.S. Securities and Exchange Commission.
The subpoena was disclosed in Tesla’s the third-quarter financial report filed last week. The SEC order also seeks the company’s public statements about Model 3 production.
The commission is investigating whether Tesla issued misleading production forecasts for the car.
Tesla began Model 3 output in July 2017. At the time, CEO Elon Musk predicted the company would be building 20,000 of the zippy EVs per month by the end of 2017. But production snags limited output to only a few thousand units for the entire year.
Model 3 production has ramped up significantly over the past several weeks. But Bloomberg News estimates that average weekly production is still below 5,000 units—less than 25% the volume Tesla had expected to achieve hit 11 months ago.
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