[ad_1]
Tesla may have come to harm Elon Musk's own case in his fight against the SEC, according to J.P. Morgan.
Musk will travel to Manhattan federal court Thursday to continue its clash with the Securities and Exchange Commission, which claims to have violated a previous deal by publishing important information about Tesla on Feb. 19.
At that time, Musk tweeted to over 24 million of its followers on Twitter: "Tesla made 0 cars in 2011, but will make about 500,000 in 2019."
Tesla shares fell more than 10% in pre-market trading on Thursday morning.
Although the government claims that Musk's tweet violated his agreement not to publish important information without first seeking the approval of the company's lawyers, the CEO claimed that this information was harmless and should not be verified. He will try to convince the court that he has not violated the October fraud settlement and should not be considered a contempt.
But Tesla's press release on Wednesday night could weaken this argument with the latest updates in production.
"Despite the contraction in demand for the first quarter of 2019 in the fourth quarter of 2018 due to the reduction in federal tax credit, US orders for model 3 vehicles have far exceeded what we have been able to deliver in the first quarter.We are reaffirming our previous forecast of 360,000 to 400,000 vehicle deliveries in 2019, "says the press release.
Brinkman said: "Although it was clear that the official forecast for the full year had gone from 360 to 400,000 deliveries by the time of the letter to shareholders to 350 to 500,000 from model 3 only a few hours later , to a total production of 420 to 600,000 in February 28 – and now let 36 to 400,000 deliveries – in our view, the fragmented and inconsistent nature of this communication would further undermine investor confidence. "
[ad_2]
Source link