Saturday, 17 November, 2018

FBI Conducting Criminal Investigation into Tesla

Tesla faces FBI probe over Model 3 numbers Tesla Model 3 production reportedly being investigated by the FBI
Laurie Berry | 31 October, 2018, 10:19

The company said it has not received a subpoena, a request for testimony or additional documents, or any other formal process from the Department of Justice.

According to The Wall Street Journal, the company is suspected of providing investors with inaccurate information about the schedule of production of the new model electric auto Model 3.

Although Tesla settled a civil fraud lawsuit filed by the Securities and Exchange Commission, a criminal investigation by the FBI is ongoing, according to the Wall Street Journal. Model 3 was the best-selling vehicle in the USA by revenues and the fifth best-selling by volume, making it the best quarter ever for Tesla.

Tesla finally hit its Model 3 production target in June of this year, about six months late.

With strong Model 3 sales expected to continue, Tesla is forecasting its first back-to-back quarterly profit when it announces the fourth quarter's and 2018's overall earnings in early 2019.

Pakistan bans Indian TV shows after accusing neighbour of cutting water supply
Pakistan Electronic Media Regulatory Authority (PEMRA) initiated crackdown against illegal DTH across the country in August 2016. Only appropriate content should be aired, the CJP remarked.

TESLA FOUNDER Elon Musk has described the last few months as being "historic" for the company, after the firm posted its largest ever profit of $312m (£241m) in the last financial quarter.

Tesla and Musk have been under scrutiny since Musk on Twitter floated a proposal to take Tesla private.

Musk, whose Twitter use is now overseen by investors, appeared to support the idea that it was the WSJ that manipulated stocks with its reporting. The Journal reported that the FBI is investigating whether the company made production estimates that it knew would be impossible to meet. This means that the vehicle will be entering production in 2020.

The Justice Department and Federal Bureau of Investigation are reportedly investigating whether Tesla statements regarding Model 3 production constitute fraud.

"Without the upgraded wheels and tires, the Model 3 Performance felt awkward and, really, a little scary on a twisty mountain road", he noted. Kallo, who has a bullish $US411 price target for the stock, added that "investigators would need to find evidence TSLA made projections it knew would be impossible to achieve, which we believe is a high bar to meet". We are enormously proud of the efforts of the whole company in making it through this hard ramp and getting us to volume production.

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