Published: Tue, November 06, 2018
Research | By Raquel Erickson

Tesla envisions 'partial presence' in India by 2019 end

Tesla envisions 'partial presence' in India by 2019 end

The Boring Co.'s underground tunnel is anything but, according to CEO Elon Musk, who says it's "disturbingly long".

In his tweet, Musk was replying to a member of the public and mentioned that he had asked his service team at Tesla to expand locations to all populous areas. Regulators are looking at whether Tesla misled investors about its business.

The US Justice Department (FBI) has also requested documents as part of a similar investigation, but those investigators have not issued subpoenas or made other formal requests, Tesla said in a statement Friday.

Elon Musk has yet again hinted that Tesla could soon make its Indian debut. Earlier in May 2018 Musk had said that "Would love to be in India".

Tesla would only be at fault if it issued targets to investors that were recklessly or purposefully made without a basis in fact.

"Aside from the settlement with the SEC relating to Mr. Musk's statement that he was considering taking Tesla private, there have not been any developments in these matters that we deem to be material", the company wrote in the filing.

The company also said on Friday that 44 per cent of its third-quarter net profit was from previously undisclosed regulatory credits. The investors involved have since filed an amended complaint.

Unconventional factory methods and failed attempts at automation forced the Silicon Valley automaker to endure months of costly delays and executive departures at its auto factory in Fremont, Calif., during a time that Musk has called "production hell".

"To our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred", Tesla said.

Last month Tesla reported a $311.5 million profit for the July-through-September period, its first quarterly profit in two years. The tax credit for Tesla cars will drop by half on January 1.

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