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Robots are working on the Tesla Model X SUVs in the Tesla factory in Fremont, California (Mason Trinca for the Washington Post)
Drew Harwell
National reporter in technology covering artificial intelligence
Federal securities regulators have issued subpoenas regarding Tesla's public insurance for the production of its new car, the company said on Friday, revealing the latest sign of an increasingly aggressive investigation into the automaker. Elon Musk electric car.
The notice, contained in a 141-page quarterly report filed by the Tesla with the Securities and Exchange Commission on Friday, confirms that the SEC issued subpoenas as part of a comprehensive investigation into the company's manufacturing forecast. Model 3 sedan of the company. These figures were widely considered a decisive issue for Tesla as she was looking to overcome the chaos of the factories, slow down her cash consumption and prove to investors that she could survive.
The Justice Department also requested documents in a similar investigation, but the investigators did not issue any subpoenas or formal requests, Tesla said in a statement on Friday. Tesla's complaint to the SEC stated that an enforcement action by either agency could adversely affect its business, cash flow and future prospects.
[Tesla turns a profit in what Musk calls ‘a historic quarter’]
Tesla and Musk, its billionaire chief executive, strongly criticized a Wall Street Journal report last week that the FBI was pursuing a deeper criminal investigation into Tesla. In an interview with Recode, the Recode technology store, released Friday morning, Musk called the report "totally wrong," "absurd," and written by reporters who are "terrible people."
The FBI and the SEC declined to comment on the case.
The news of the SEC's subpoenas comes weeks after Musk reached an agreement with the agency following a second investigation into his statements on Twitter that he reportedly deprived Tesla of his business. The tweet, which Musk called a joke, resulted in a 14% drop in the company's shares. The SEC has accused in a lawsuit that Musk had misled investors, and Tesla and Musk agreed last month to pay $ 20 million apiece and to have Musk resigned as chairman of the board. administration.
[For Silicon Valley, the SEC has become an unwelcome neighbor]
The SEC's growing investigation could be a new hurdle for a company that said last month that it has returned to profitability, thanks to the dynamism of sales of the Model 3. Tesla said Friday that it was expecting to bear undisclosed costs related to the response to potentially defend against any government action.
As part of the settlement with the SEC, the company, with a budget of $ 58 billion, decided to monitor more closely Musk's comments on social media. But in the days following the settlement, Musk provoked the agency, tweeting: "I just want the Commission to Enrichment by the short seller to do incredible work."
The investigation, conducted by SEC investigators in San Francisco, is to determine whether investors and former employees of Tesla had questioned whether the company had actually exposed its progress in the production of its futuristic cars powered by battery.
[Tesla chief Elon Musk unveils a $35,000 Model 3 (that actually costs a bit more)]
Martin Tripp, a former Tesla employee, sought protection from the whistleblowers and filed a complaint with the SEC, claiming that Musk had overestimated the number of his productions, which Tesla disputed. Shareholders made similar claims in a securities fraud suit dismissed in August by a federal judge.
Unconventional factory methods and unsuccessful attempts at automation have forced the Silicon Valley automaker to bear months of costly delays and executive departures from its Fremont, California car plant at one point in time. that Musk called "hell of production". spend up to $ 6 billion on plants and equipment by 2020.
"When we started the model 3 production ramp, we were aware of the difficulty of this task," the company said in a statement. "If Tesla is criticized when he is slow to reach a goal, do not forget that Tesla has achieved many goals that have been questioned by most. We are extremely proud of the efforts of society as a whole to overcome this difficult roadblock and achieve volume production. "
Musk said the same thing in his interview with Recode: "It's absurd that Tesla is alive. Absurd! Absurd."
Matt Zapotosky contributed to this report.
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