Tesla reveals SEC subpoenaed company over Model 3 production goals

Tesla reveals SEC subpoenaed company over Model 3 production goals
© Greg Nash

Tesla said in its most recent Securities and Exchange Commission (SEC) filing that the federal agency subpoenaed the company over its Model 3 production goals.

The tech and transportation company has missed its stated goals for ramped-up production of its most affordable car, which costs $46,000, up from the previous $35,000 price tag.

The company has not met its goal of manufacturing 5,000 Model 3 sedans a week, but it turned a profit during the third quarter.

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Tesla also revealed in its filing that it had been investigated by the National Highway Traffic Safety Administration, the National Transportation Safety Board, the Department of Justice and various state agencies.

The disclosure follows an SEC investigation of Tesla CEO Elon Musk earlier this year over his claims that he had secured funding to take his company private at $420 a share.

“Aside from the settlement with the SEC relating to Mr. Musk’s statement that he was considering taking Tesla private, there have not been any developments in these matters that we deem to be material, and to our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred,” the company wrote, adding that it is complying with authorities.

Musk ended up reaching a settlement with the SEC for $20 million over his remarks about planning to take the company private.

Harper Neidig contributed.