Friday 2 November 2018 4:49 pm

Tesla hit with SEC subpoena over Model 3 production targets

Tesla has received a subpoena from US regulators over company production estimates, the firm revealed today.

The US Securities and Exchange Commission (SEC) is looking into claims that the electric carmarker has made over production of its Model 3 sedans last year.  

Department of Justice prosecutors have also asked for the company to provide information about production numbers, according to Tesla, although it stopped short of issuing a formal subpoena.

The electric car marker said: “Should the government decide to pursue an enforcement action, there exists the possibility of a material adverse impact on our business, results of operation, prospects, cash flows, and financial position”.

Tesla said that none of the government agencies within the current probes have found any wrongdoing.

Today’s news follows on from recent reports in the Wall Street Journal that suggested FBI agents were looking into whether or not Tesla misled investors about production of its Model 3 cars.

The filings also come a month after Elon Musk said he was stepping down as chairman of Tesla after settling a fraud lawsuit with the SEC over tweets he made about taking the firm private.

The billionaire boss of the electric car-making firm has also agreed to pay a $20m (£15m) fine from the US securities and exchange commission (SEC), staving off a legal threat which could have forced him out of the company entirely.