Tesla envisions 'partial presence' in India by 2019 end

Elon Musk says Tesla’s looking to establish a ‘partial presence’ in India by 2019

The Securities and Exchange Commission (SEC) investigation, which first came to light in August, is one of three that are now open against the company, the others being spearheaded by the FBI and the Department of Justice.

Similarly, in May, Musk had made apparent the challenges Tesla was facing when it came to executing the company's plans for India.

Tesla said on Friday it had received a subpoena from the US 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.

The Wall Street Journal reported last month that the FBI is doing a criminal investigation into whether Tesla misled investors by overstating Model 3 production forecasts. "This is critical to make pricing as affordable as possible", Musk wrote on Twitter. Early previous year, Musk had said he hopes to launch the company's electric vehicles in India by the summer of 2017.

"You know, I actually don't know if a lot of people will buy this pickup truck or not, but I don't care", he said in the interview.

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Elon Musk, has revealed the company's plans of expanding its overall market beyond North America, Europe, and China.

In its statement, Tesla said the DOJ has asked it "to voluntarily provide (the DOJ) with information" about the Federal Bureau of Investigation and the DOJ's probes.

A former Tesla employee, Martin Tripp, sought whistleblower protection and filed SEC complaints claiming that Musk had overstated production numbers, which Tesla has disputed.

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".

Last week Tesla reported its first quarterly profit in two years, with wider margins and positive cash flow. It did not say at the time that it had gained another $137 million in regulatory credits, which contributed to almost half of the profit. The tax credit for Tesla cars will drop by half on January 1. He also said that the finished model will be a large number of titanium components.

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