Missing production forecasts is not uncommon but the regulators are investigating whether Tesla's were deliberately misleading. Elon Musk, who knows a thing or two about ambitious plans, says dedicating a wing of America's fighting forces to the final frontier is actually a "cool" idea.
Tesla said last week it did not receive a United States subpoena from the Federal Bureau of Investigation related to its Model 3 production forecasts, following a report that it faced a deepening criminal probe about the projections. It will only require an over-the-air update and is compatible with all Autopilot HW2 cars made in the past few years.
The company originally said in its third-quarter earnings call previous year that it would reach full production of 5,000 Model 3s per week in the first quarter of 2018.
A Tesla Model 3 sedan is displayed during its launch in Hawthorne, Calif., on March 31, 2016. They show what the posters claim are piles of scrapped parts such as sub-frames and plastic panels, built in a rush to hit quarterly production targets.
A company spokesman wouldn't comment beyond the filing. This prompted the CEO to tweet in August that he had the funding secured to buy out shareholders.
But the company also says if the government decides to take enforcement action "there exists the possibility of a material adverse impact on our business, results of operation, prospects, cash flows, and financial position". Neither Musk nor Tesla admitted wrongdoing in the settlement. 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 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". The original complaint was dismissed but was refiled in September.
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