Thursday, 22 November, 2018

Tesla plans partial India presence in 2019: Elon Musk

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Theresa Hayes | 07 November, 2018, 20:43

However, this is not the first time Musk has provided a timeline about the company's entry into India.

The probe, led by SEC investigators in San Francisco, touches on questions that have been raised by Tesla investors and former employees into whether the company had truthfully conveyed its progress in producing its futuristic, battery-powered cars. Taking into account the cost of transoceanic transportation and import tariffs, Tesla now spends 55-60% more operating costs than it does to produce the same vehicle in China. Musk gave a presentation to PM Modi on the revolutionary technologies being developed by Tesla, which is likely to change the face of the motor industry and have wider implications on developing countries like India on renewable energy.

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. However, this does not take the fact that the regulators are investigating whether Tesla's were deliberately misleading.

Tesla finally met that target in June of this year.

"To our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred", the company said, but added that any possible enforcement action could have an "adverse impact" on Tesla's business.

A company spokesman wouldn't comment beyond the filing.

SEC officials did not respond to requests for comment. Hyundai will bring its electric SUV Kona to India next year, which will be the first true long-range electric vehicle in our country. Musk and Tesla agreed to pay a combined $40 million without acknowledging or denying wrongdoing. However, the futuristic design is what Musk is now most "fired up" about. 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. When Tesla launched its entry-level Model 3 back in 2017, the controversial entrepreneur justified the company's absence from India by invoking supply chain issues. The original complaint was dismissed but was refiled in September. I as before I believe that the company creates handsome phones.