Tuesday, 20 November, 2018

Tesla driver auto-parks vehicle from office and Elon Musk approves

Tesla plans to produce Model 3 sedans in China to limit impact of tariffs Tesla Develops Plan To Make 3,000 Model 3s Per Week In Shanghai
Nellie Chapman | 03 November, 2018, 04:29

While the company admitted there would be challenges, it said "we now expect to achieve a production rate of 5,000 Model 3 vehicles per week by late Q1 2018".

The SEC had also issued subpoenas in connection with Chief Executive Elon Musk's previous statements that he was considering taking the company private, it said.

The company has disclosed that it had received a subpoena from the Securities and Exchange Commission, and an informal request for information from the Department of Justice.

Tesla said that none of the government agencies within the current probes have found any wrongdoing.

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.

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. It didn't hit the 5,000-a-week target until June 2018. It's also key to the company's cash flow and pledge to make quarterly net profits into the future.

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

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.

Musk said in that same earnings call that the company was struggling with "bottlenecks" on the highly automated Model 3 assembly line.

Tesla shares finished the day Friday up 0.6 percent, at $346.41.