Tesla under FBI criminal investigation

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A follow-up Tweet from a United Kingdom deposit holder asked when the RHD Model 3 would be arriving in the United Kingdom, to which Musk replied "Same"'. Accredited Investors Inc. raised its position in shares of Tesla by 26.4% in the third quarter.

In a statement, Tesla disputed some of the Journal's report. The company already possesses "driver assistance" available cars that can take care of some tasks but retains the need for drivers to hold the wheel.

This week Tesla reported a $311.5 million profit for the July-through-September period, its first quarterly profit in two years.

In a letter to investors, Mr Musk called the quarter "historic" and said it was a credit to the firm's "ingenuity and incredible hard work". Says customers waiting for the $35,000 (Dh128,530) version of the Model 3 are subject to high degrees of price sensitivity relative to customers in the mid-sized premium sedan market.

Tesla's upcoming Chinese Gigafactory will initially build the Model 3 and Model Y, a Shanghai government filing has revealed. Institutional investors and hedge funds own 62.18% of the company's stock.

Musk has been saying since May that Tesla has no strategy to raise equity or debt.

The Model Three is a key part of Tesla's plan to expand from a niche player in the luxury segment to a vehicle maker with broader appeal.


In other Tesla news, insider Jerome M. Guillen sold 1,000 shares of the company's stock in a transaction on Monday, October 1st. Known for making bold calls, the money manager first revealed her $4,000 per share call. "Further, we believe the strength the company saw this quarter was aided by higher priced Model 3 variants and believe the eventual $US35,000 price point on this vehicle may make it more hard for TSLA to see similar tailwinds".

"When we started the Model 3 production ramp, we were transparent about how hard it would be", a Tesla representative said. It didn't hit the 5,000-a-week target until June 2018.

Tesla previously confirmed the existence of a Department of Justice probe, but reports about the scope and topic of the investigation are new.

The vehicle, which the money-losing company is banking on to turn a profit, was introduced to the public in early 2016 to great fanfare, with repeated promises throughout 2017 that Tesla was "on track" to build 5,000 Model 3s per week by the end of that year at its factory in Fremont, California.

Said Stuart Bowers, VP Engineering at Tesla: " Yeah, the team has done an incredible work here and by bringing up more of the cameras around the auto we can detect things as they come toward us, not just directly in front of us".

But these future product launches won't be bet-the-company the way the Roadster, the Model S and the Model 3 were. Volume production and sales are slated for 2020.

Though he mentioned his average time goal is under ten days, he emphasized it was a goal and not a promise, unlike the one he made on its Model 3 vehicle.

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