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. The user had asked if Panasonic "will also be a partner of the China giga battery production", to which Musk said that Tesla plans to source cell production locally "most likely from several companies", including Panasonic. In 2017 and this year, Tesla had trouble producing the cars, drawing a lawsuit from investors who said they were misled by CEO Elon Musk's production targets. The company made only just 2425 in the entire fourth quarter.
The US Securities and Exchange Commission (SEC) is looking into claims that the electric carmarker has made over production of its Model 3 sedans a year ago.
Tesla finally met that target in June of this year.
"Tesla also said: ".there have not been any developments in these matters that we deem to be material, and to our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred. "Quality has historically been an issue for Tesla but early buyers were willing to accept that because they bought into image - the mass market will not be so forgiving".
He added: "It could have been that they were so keen to rush cars off the production line that they pulled out all the stops to hit their targets to keep investors happy and make a profit and this is the effect".
Musk said in that same earnings call that the company was struggling with "bottlenecks" on the highly automated Model 3 assembly line. Tesla's offering is more like an enhanced cruise control. Mr...