Self-driving Teslas are about to get much more expensive

Self-driving Teslas are about to get much more expensive

Tesla Inc. CEO Elon Musk said Panasonic Corp. cell lines at the electric-car maker's Nevada battery factory have been holding up production of its Model 3 sedans. Instead, Musk and Tesla consented to pay $40 million and made other concessions to settle the case.

The SEC wants Nathan to fine Musk for allegedly violating a court-approved settlement requiring his tweets to be approved by a lawyer if they disclose important company facts.

In an April 4 hearing where Musk appeared, U.S. District Judge Alison Nathan questioned the specifics of the CEO's settlement with the SEC and told the two sides to rework the language of their agreement.

The SEC says Musk violated the settlement when he tweeted about Tesla's automobile manufacturing in February without the approval of a lawyer.

In the filing, Musk's lawyers say he was defending himself and his companies in.

Nathan pushed Crumpton through the hearing to specify the conditions under which consent should be sought by Musk before he tweets, also attracted attention to ambiguity surrounding the principles that the SEC sought to apply. That tweet, last August, sent the company's stock on a wild ride.

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Attorney John Hueston said the SEC's very first step after the tweet about production should have been to approach Tesla in good faith, and Nathan agreed.

Musk later backed off the idea of taking the company private, but regulators concluded he had not lined up the money to pull off the deal.

Meanwhile, the Tesla's shares are falling almost 10 percent in early trading after the company stated it churns out 77,100 vehicles at the first quarter, as well behind the pace it must sustain to meet Musk's assurance. In the March quarter, Tesla delivered 63,000 vehicles, down from 90,966 in the final three months of 2018.

As of Wednesday's close, Tesla shares were down 12.3percent so far this year.

The CEO claims that with the constant adding technology into our vehicles - we are eventually trying to make the auto so autonomous that you can have it taxi other people and earn you money - making our cars "appreciating assets".

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