Published: Sat, November 03, 2018
Business | By Tara Barton

Elon Musk: Your Tesla Car Will Soon ‘Follow You Like A Pet’

Elon Musk: Your Tesla Car Will Soon ‘Follow You Like A Pet’

A subpoena can compel a company to turn over materials that the requesting agency wants to review.

The Model 3 is a central part of Tesla's plan to expand from a niche player in the luxury segment to a vehicle maker with broader appeal.

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.

Musk has said previously that Saudi Arabia's Public Investment Fund spoke with him several times since previous year about taking Tesla private.

The company originally said in its third-quarter earnings call previous year that it would reach full production of 5,000 Model 3s per week in the first quarter of 2018.

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Both the SEC and U.S. Department of Justice are looking at whether Tesla misled investors about its business. It didn't hit the 5,000-a-week target until June 2018.

Musk said in that same earnings call that the company was struggling with "bottlenecks" on the highly automated Model 3 assembly line. This prompted the CEO to tweet in August that he had the funding secured to buy out shareholders. It's also key to the company's cash flow and pledge to make quarterly net profits into the future. Musk and Tesla agreed to pay a combined $40 million without acknowledging or denying wrongdoing.

"The probability of death in a motorcycle versus [a car] is 25 times higher", he said.

Tesla Inc. said on Friday that it is developing plans to start producing about 3,000 Model 3 vehicles per week in Shanghai in the initial phase of its Gigafactory 3 to reduce the impact of tariffs.

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

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