Tesla reportedly faces FBI investigation over production numbers

An Upgrade Package available for the Tesla Model 3 Performance includes a spoiler on the trunk lid

The auto, 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.

Tesla's Semi made its debut last November, and Musk said it was the product that excited him the most.

The Wall Street Journal reported that Federal Bureau of Investigation agents have contacted former Tesla employees to interview them.

He said the company co-operated with a "voluntary request" for documents from the Justice Department earlier this year and has received no additional requests on the matter for months. Tesla agreed to pay $20 million as part of that settlement, and Musk said he would step down as chairman of the board; he can stay on as CEO.

Musk and Tesla only recently settled with the U.S. Securities and Exchange Commission over Musk's August 7 tweets. Instead of hitting ~2500 cars per week in November (that's our eyeballed rate for that production point), the company hadn't even broken 1,000 vehicles per month. It also marks the fulfilment of a promise by company founder Elon Musk who has often set lofty targets that the company has continuously failed to reach.

For now, Tesla must focus on continuing to make money to stay afloat, with about $10 billion in debt that has been taken on while Musk has pursued his ambition to create a viable automaker that makes cars running on something besides gasoline.

So when Tesla was burning a lot of cash earlier this year, there was every reason to expect history to repeat itself: for the big spending ahead of the Model 3's launch to turn into positive cash flow once Model 3 production had ramped up.

Theresa May: 95 per cent of Brexit agreed
Writing in the Mail on Sunday he added: "We should not allow ourselves to be bullied by the European Union ". There could also be mechanisms to cooperate on any backstop.

Tesla hopes to start production of its next model in 2020 and is also making plans for a Tesla ride-hailing service, Mr Musk added.

The company earned $311.5 million during the three months ending in September, swinging from a loss of $619 million at the same time a year ago.

He continued: "The company's cash balance (less deposits) and working capital have been a concern for investors for the past several quarters".

Strong free cash flow of $881 million bolsters Tesla's balance sheet and should be sufficient to allay investor fears over cash burn. 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.

The company on Wednesday reported an "historic" profitable quarter driven by demand for the mass-market Model 3.

Electric-car maker Tesla Inc on Wednesday reported a "historic" quarterly profit driven by demand for its mass market Model 3 as the company looks beyond its United States home base to Europe and China.

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