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U.S. securities regulator subpoenas Tesla on Model 3 production estimate

Tesla Inc said it has received a subpoena from the U.S. Securities and Exchange Commission over forecasts it made about Model 3 production in 2017, a set of targets the electric vehicle company failed to hit on time.

U.S. securities investigators have subpoenaed information from Tesla about production forecasts for the Model 3 electric car that were made last year, the company acknowledged in a regulatory filing Friday.

The disclosure in Tesla’s quarterly financial report also says the Securities and Exchange Commission subpoena covered other public statements made about Model 3 production.

The SEC issued subpoenas over “certain projections that we made for Model 3 production rates during 2017 and other public statements relating to Model 3 production,” Tesla said in a quarterly filing on Friday. A subpoena can compel a company to turn over materials that the requesting agency wants to review.

The SEC had also issued subpoenas in connection with Chief Executive Elon Musk’s previous statements that he was considering taking the company private, it said. Both the SEC and U.S. Department of Justice are looking at whether Tesla misled investors about its business.

“To our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred,” Tesla wrote in its filing.

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