SEC wraps investigation into Model 3 production numbers, Tesla says

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Reported today on The Verge

For the full article visit: https://www.theverge.com/2020/2/13/21136080/tesla-sec-investigation-closed-model-3-production-subpoena

Reported today in The Verge.

SEC wraps investigation into Model 3 production numbers, Tesla says

The Securities and Exchange Commission has closed its investigation into whether Tesla misled investors with its Model 3 production goals dating back to 2017, according to a new regulatory filing. But another new investigation may be taking its place.

Tesla says in the filing that the SEC closed the probe on December 4th, 2019. The company also says that, on the same day, the SEC "issued a subpoena seeking information concerning certain financial data and contracts including Tesla's regular financing arrangements." The government's financial regulator opened the probe into Model 3 production numbers sometime in the middle of 2018. The SEC declined to comment.

If another investigation has been opened, that would mean there are still at least three ongoing government probes into Tesla. The Department of Justice has been investigating whether there were any criminal violations related to Tesla's Model 3 production ramp-up since 2018. As part of that probe, agents from the Federal Bureau of Investigation have sought testimony and documents from Tesla employees and subpoenaed the company for records. The DOJ also opened a criminal investigation into Tesla CEO Elon Musk's short-lived attempt to take his company private.

In the new filing, Tesla said it has been asked to "voluntarily provide [the DOJ] with information about the above matters," but that "there have not been any developments in these matters that we deem to be material" to investors. The company says it has cooperated with the investigations, but that "to our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred."

The two DOJ investigations and the one the SEC clos



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