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

Tesla Summon to get manual control 'like big RC car'

Tesla Summon to get manual control 'like big RC car'

The upgrade will be compatible in all Tesla cars made in the past two years, Musk said in a series of tweets on Thursday.

"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".

It's the first time Tesla has formally disclosed the SEC subpoena in a regulatory filing, but there have been widespread news reports about its investigation into production forecasts.

A Tesla Model 3 sedan is displayed during its launch in Hawthorne, Calif., on March 31, 2016.

Last week, investors were cheered by the company's third-quarter net profit, wider margins and positive cash flow, which sent shares climbing.

Some critics express concern over vehicles being in the line of sight, however, Musk clarifies that Tesla has chosen this route not for convenience or as an engineering choice, but rather for safety.

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

Elon is still a big fan of Apple, don't get him wrong, but he doesn't really "think people are necessarily running to the store for the iPhone 11", he added, shouting out his own company: "But I think with Tesla, we really want to make products that people just love, that are heart-stopping". It didn't hit the 5,000-a-week target until June 2018.

The Elon Musk-led company said in a filing Friday that thus far, no government agency in ongoing investigations has concluded that any wrongdoing occurred.

Both the SEC and U.S. Department of Justice are looking at whether Tesla misled investors about its business.

The settlement required Tesla and Musk to pay a fine of $20 million each and for Musk to give up his chairman role for three years.

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