U.S. securities regulator subpoenas Tesla on Model 3 production estimates

Elon Musk says Tesla’s looking to establish a ‘partial presence’ in India by 2019

According to CNBC, the Securities and Exchange Commission and Justice Department are investigating the company's Model 3 production projections.

News of the SEC's subpoenas comes a few weeks after Musk settled with the agency on a second investigation into his claims on Twitter that he would take Tesla private.

The construction of a network of tunnels deals with The Boring Company, founded by Elon Musk in 2016.

Investors have been trying to ascertain if the worst is over for the Silicon Valley company amid the fallout from Musk's short-lived plan in August to take the company private, and determine if Tesla has finally stabilized its rocky Model 3 production and can build the auto at a profit. Besides, the company has opened bookings for the Model 3 vehicle in the country. It didn't hit the 5,000-a-week target until June 2018. Musk and Tesla agreed to pay a combined $40 million without acknowledging or denying wrongdoing.

A year ago, a group of shareholders sued the company in federal court alleging that it made false statements about Model 3 production and misled investors.

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NBC says it will stop airing Trump immigrant ad
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The expanding SEC probe could set up a new hurdle for a company that last month said it had finally resurfaced into profitability thanks to booming sales of the Model 3.

The two regulators are investigating whether Musk and the company over-promised about how many of its new Model 3 auto it could make.

A single tweet may have cost Tesla CEO Elon Musk $20 million earlier this year, but that hasn't deterred the visionary founder from tweeting.

Professor David Bailey, an automotive industry expert at Aston University, said: "The pictures suggest big rework and rectification issues with vehicles coming off the production line". Tesla has other models such as Roadster, Model S and Model X are another such examples.


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