Wednesday, 21 November, 2018

Tesla to Enter India by Next Year, Says Elon Musk

Elon Musk  InstagramElon Musk with his boring machine Elon Musk InstagramElon Musk with his boring machine
Elijah Vega | 06 November, 2018, 14:00

A recent tweet from Elon Musk, CEO of Tesla Motors, talks about the electric auto company's expansion plans in the next couple of years and includes India as well. "And then I think also it could be pretty helpful for maybe expanding our civilization", Musk told Kara Swisher on a new episode of Recode Decode.

Tesla has weathered a rocky few months in the wake of Musk's tweets that he had "funding secured" for a deal, later scuttled, to take Tesla private.

Tesla and Musk, its billionaire chief executive, have pushed back strongly against a Wall Street Journal report last week that the FBI was pursuing a deepening criminal investigation into Tesla.

The company also said on Friday that 44 per cent of its third-quarter net profit was from previously undisclosed regulatory credits.

Why it matters: It's an ambitious project but if Elon Musk can pull it off, The Borning Company's underground tunnels could put a significant dent in traffic jams that plague major cities around the globe. Those numbers were widely regarded as a make-or-break issue for Tesla as it sought to navigate factory chaos, slow its cash burn and prove to investors that it could survive.

According to CNBC, the Securities and Exchange Commission and Justice Department are investigating the company's Model 3 production projections. The investors involved have since filed an amended complaint.

Trump's national attention turns to state races
Trump has delivered a very different closing argument, railing against Latin American immigrants seeking asylum at the USA border. The US midterm elections on 6 November will decide who controls US Congress plum in the middle of the Donald Trump presidency.

Professor David Bailey, an automotive industry expert at Aston University, said: "The pictures suggest big rework and rectification issues with vehicles coming off the production line".

In its filing, Tesla said it was not aware of any "material" developments in the open investigations.

Tesla said to its knowledge no government agency in any ongoing investigation has concluded any wrongdoing occurred.

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

In its quarterly statement, however, Tesla disclosed it had brought in an additional $137m in regulatory credits, which contributed to almost half the profit for the quarter.

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