Technology
DOJ investigating Tesla Model 3 statements: Report
Tesla CEO Elon Musk.Max Whittaker / Getty Images
- The Department of Justice (DOJ) is investigating whether Tesla misled investors about the production of its Model 3 sedan, The Wall Street Journal reports.
- “Earlier this year, Tesla received a voluntary request for documents from the Department of Justice about its public guidance for the Model 3 ramp and we were cooperative in responding to it,” a Tesla representative said. “We have not received a subpoena, a request for testimony, or any other formal process, and there have been no additional document requests about this from the Department of Justice for months.
The Department of Justice (DOJ) is investigating whether Tesla misled investors about the production of its Model 3 sedan, The Wall Street Journal reports.
The DOJ was previously reported to be investigating comments Tesla CEO Elon Musk made on Twitter about potentially taking Tesla private. Those comments led to a lawsuit from the Securities and Exchange Commission that was settled in September. Under the terms of the settlement, Musk must step down as the chairman of Tesla’s board of directors for three years and pay a $20 million fine.
“Earlier this year, Tesla received a voluntary request for documents from the Department of Justice about its public guidance for the Model 3 ramp and we were cooperative in responding to it,” a Tesla representative said. “We have not received a subpoena, a request for testimony, or any other formal process, and there have been no additional document requests about this from the Department of Justice for months.
“When we started the Model 3 production ramp, we were transparent about how difficult it would be,” the representative added. “Ultimately, given difficulties that we did not foresee in this first-of-its-kind production ramp, it took us six months longer than we expected to meet our 5,000 unit per week guidance.”
The DOJ did not immediately respond to Business Insider’s request for comment.
This is a developing story. Check back for updates.
Read The Wall Street Journal’s full story here.
Have a Tesla news tip? Contact this reporter at [email protected].
Get the latest Tesla stock price here.
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