FBI Conducting Criminal Investigation Into Tesla

Does Tesla's Model 3 Performance earn its pricetag

Does Tesla's Model 3 Performance earn its pricetag

The FBI is conducting a criminal investigation into whether Tesla misstated production figures about the electric vehicle maker's Model 3 sedan and misled investors about its business, according to a published report.

Musk had said early a year ago that production of Model 3, now priced from $46,000, would reach 5,000 units per week in 2017's fourth quarter, and reiterated that target in July 2017 after production of it began in Fremont, California.

Musk's penchant for courting controversy with his erratic tweets had put intense pressure on Tesla to convince Wall Street that the company could produce Model 3 cars in a cost-efficient manner and turn a profit.

Quoting to the Sources familiar with this matter, WSJ reported that "The FBI agents are reviewing on the declared number of Tesla Model 3 that dates back to early in 2017". The former employees reportedly received subpoenas earlier in the investigation and many of them are now being interviewed by the FBI.

The electric-car maker said Friday that it has cooperated and that it hasn't received a subpoena or request for testimony.

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I'm going to be honest and say that it's not clear to me precisely where the legal line is between a company simply being wrong about its own ramp and a company that is found to have made materially false statements about its production timeline.

Musk told his Twitter followers in August that he has secured "funding" to take the company private at $420 per share, far more than the company was worth at the time of the tweet. Murdoch is set to leave the role of chief executive of 21st Century Fox when the entertainment company completes the sale of the majority of its assets to Disney, and will be succeeded by his brother, Lachlan. Some analysts on Wall Street even stated that they did not see a need for Tesla to raise capital in short term in order to support production of its Model 3.

Despite not revealing the final prototype to the public, Tesla CEO Elon Musk approved production of the elusive Model Y crossover in a conference call discussing the company's third quarter financial results, according to Electrek. The Verge reports documents filed in Shanghai show Tesla plans to make two different cars at the planned Gigafactory there.

Earlier this week the company reported $311.5 million in profits for the third quarter, Tesla's first profitable period since 2016.

Justice Department officials haven't confirmed an official investigation.

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