Elon Musk's lawyers: SEC contempt motion "smacks of retaliation and censorship"

Elon Musk's lawyers: SEC contempt motion

Elon Musk's lawyers: SEC contempt motion "smacks of retaliation and censorship"

Lawyers for Elon Musk have issued a defense of the Tesla CEO's tweet on February 19th, 2019 against the SEC complaint that the tweet violated the terms of Musk's earlier settlement with the regulator.

The top USA securities regulator received permission from a federal judge on Tuesday to respond to Tesla Inc Chief Executive Elon Musk's arguments that his Twitter post about the electric vehicle maker's production volume did not violate his recent fraud settlement.

"Model Y unveil event on March 14 at LA Design Studio", Musk announced on Twitter last week.

Lawyers for Musk said the tweet complied with the company's communication policy for senior executives and was a "proud and optimistic restatement of publicly disclosed information".

Ahead of the event, details are scant.

In other words, this will be meaningfully smaller and cheaper than Tesla's current SUV: the Model X. But its announcement also mentioned the Model Y, which shares the Model 3 platform.

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The email also suggests that Tesla has introduced higher standards for hiring. The Model Y will have a slightly shorter range than the Model 3 despite the identical battery.

The company said in a blog days ago: "As a result of keeping significantly more stores open, Tesla will need to raise vehicle prices by about 3% on average worldwide". "Since Model Y will be built on the Model 3 platform and is created to share about 75% of its components with Model 3", Tesla explained in its fourth-quarter shareholder letter, "the cost of the Model Y production line should be substantially lower than the Model 3 line in Fremont, and the production ramp should also be faster".

Tesla looks set to reduce the number of brick and mortar retail stores that will close over the following months, in a move that will see the prices of its electric vehicles (EVs) increase by 3%.

Tesla has backed off a plan to close all its United States stores and said it will instead raise prices of its higher-end vehicles by about 3 percent on average.

As of Tesla's last update on its timeline for the Model Y, the company wants to bring the vehicle to market in low volumes early next year and hit volume production by the end of next year.

This abrupt pricing reversal follows reports out of China according to which outraged Tesla owners were protesting the lower prices. The Motley Fool owns shares of and recommends Tesla.

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