Tesla misses weekly Model 3 production target, warns of trade war impact

Tesla misses weekly Model 3 production target, warns of trade war impact

Elon Musk may be starting to put those take-private tweets behind him, but his fortune will need more time to recover despite a big boost on Monday.

It looks like Elon Musk's recent fiasco with the US Securities and Exchange Commission (SEC) has cost him a hefty fine, as well as make him lose a key position in his own company.

The SEC announced the deal on Saturday - two days after it sued Musk in federal court for misleading investors over his post on Twitter last month that he was considering taking Tesla into private ownership at $420 a share.

His words rang true as following the news of Musk's settlement with SEC, Tesla's stocks improved by 16% in pre-market trading.

Tesla in recent years has become one of the most valuable American vehicle maker, with its stock worth more than $50 billion.

Tesla announced Tuesday that it delivered 55,843 Model 3s between July and September, confirming reports that the company's mass-market electric is the fifth bestselling vehicle model in the United States.

In response to a question asking whether he thought Tesla would 'make it as a auto company, ' Gore replied: 'Yes!

"We are very close to achieving profitability and proving the naysayers wrong, but, to be certain, we must execute really well tomorrow (Sunday)", the last day of the quarter, Musk said.

In a follow-up company blog post issued August 13, Musk explained that his assertion of having "funding secured" was based on multiple encounters he had with the Saudi Arabian sovereign wealth fund, where he felt there was "no question that a deal with the Saudi sovereign fund could be closed". The SEC also filed papers that charged Tesla with failing to exercise proper oversight over Musk's actions and laid out a separate settlement of those charges. Since starting the production of the electric sedan a year ago, the Model 3 ramp has been beset by multiple challenges, including bottlenecks in both the Fremont factory and Gigafactory 1.

Tesla and Mr Musk will pay $20 million each to financial regulators.

Former US Vice President Al Gore could be a good fit to replace Elon Musk as chairman, according to one longtime tech analyst. Likewise, Tesla will pay another $20 million due to its failure to check whether Musk's announcements complied with the law.

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