Published: Sat, November 03, 2018
Markets | By Otis Pena

Elon Musk Says He Wouldn’t Take Money From Saudi Arabia Now

Elon Musk Says He Wouldn’t Take Money From Saudi Arabia Now

U.S. regulators have demanded Tesla hand over information as part of a criminal investigation into whether Elon Musk's electric auto maker misled investors over its production figures.

"To our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred", Tesla said.

Musk says the feature will be rolled out to Tesla owners as an over-the-air update, and will work on all the company's cars that have been made in the past two years, including the lower-priced Tesla Model 3.

In the latest SEC filing, the company said it has received subpoenas in connection with "certain projections that we made for Model 3 production rates during 2017 and other public statements relating to Model 3 production".

Tesla has often struggled to hit its chief executive's ambitious production forecasts. Messages were left Friday seeking comment from the SEC and the Justice Department.

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According to tweets published by company CEO Elon Musk on Thursday, Tesla's "advanced Summon" technology will be arriving in around six weeks.

Early past year the Palo Alto, California, company announced plans to produce up to 5,000 Model 3s a week by the end of 2017.

Tesla finally met that target in June of this year.

But now Tesla seems to finally be taking a step toward the vision the company first laid out in 2016.

"Should the government decide to pursue an enforcement action, there exists the possibility of a material adverse impact on our business, results of operation, prospects, cash flows, and financial position", Tesla's filing reads. The original complaint was dismissed but was refiled in September.

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