Tesla cars will find parking spots by themselves

Gladys Abbott
November 4, 2018

Tesla Inc. says in the filing that to its knowledge, no government agency in an ongoing investigation has determined that it did anything wrong.

Mark Truby, Ford's vice president of communications, then responded to Musk on Twitter, alluding to the new production line Tesla built this summer under a temporary, tent-like structure and taking a veiled shot at Tesla's production issues.

Introduced in January 2016, Summon is an auto-parking technology that lets Tesla owners park or retrieve their vehicles by using Tesla's mobile app or key fob.

"It sounds like the SEC is looking at whether or not the projections that had been made were based on fact or not", said Jay Dublow, a partner with Pepper Hamilton LLP.

"It is possible for another SEC enforcement action down the road if it turns out that the projections were purposefully or recklessly made without a basis", Dublow said.

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The company originally said in its third-quarter earnings call previous year that it would reach full production of 5,000 Model 3s per week in the first quarter of 2018.

The remarkable footage from Madison, Wisconsin, has gone viral, helped by Tesla chief executive Elon Musk himself commenting on it. They show what the posters claim are piles of scrapped parts such as sub-frames and plastic panels, built in a rush to hit quarterly production targets.

Tesla reached a settlement with the SEC last month that involved Musk stepping down as chairman and paying a $20 million fine. Strong cash flow, better than expected net profits and margins is his answers to the Tesla investors.

The eccentric CEO also said that he's been mulling a "supersonic vertical-takeoff-and-landing electric jet" for the past nine years, and eliminated the possibility of Tesla's building a motorcycle because of the chance for injury.

Tesla shares closed up less than half a percent to $346.41 on Friday.

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