Tesla will 'substantially' raise the price of its self-driving option

Elon Musk Has More

Elon Musk's lawyers fight back, slamming SEC for 'unprecedented overreach' in contempt bid

The SEC sought to oust Musk out of his role as CEO and chairman within his August tweet.

The SEC alleges that Musk blatantly violated the settlement with a February 19 tweet about Tesla vehicle production that wasn't approved by the company's "disclosure counsel".

The financial markets regulator in February asked a judge to hold Elon Musk in contempt for violating a deal the regulator struck with the Tesla chief executive past year, which requires him to get the approval of the Tesla board of directors before tweeting anything that could "be material to investors". A United States judge gave the 2 sides until 18 April to meet for at least an hour and resolve their differences.

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"Take a deep breath, put your reasonableness trousers on and work this out", directed U.S. District Judge Alison Nathan rather notably. If they can't, she'll rule whether Musk is in contempt.

Judy Burns, an SEC spokeswoman, and a Tesla spokesman declined to comment on Musk's latest tweet about the carmaker's production.

After Nathan encouraged both sides to agree that Musk attended, the order comes.

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The issue within Musk's tweets stems from a settlement reached following Musk tweeted he had secured the funds to take Tesla personal at $420 an share - a premium over the price at the time - when he didn't. "He said that his client" really does what he is told". The first hike for the vehicle is set to be implement on May 1st.

At Wednesday's close, Tesla shares were down 12.3percent so far this season.

Though customers can still get their hands on one of the headline "Standard Range" models, which cost the equivalent of £26,700, they will have to make their purchase over the phone or go into a Tesla store.

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Tesla is also upgrading the FSD computer in all of its cars soon, and will even retrofit cars that have FSD with the new computer should the owner requests it. Electrek notes, however, that it's unclear if all cars are getting the new computer or not. The SEC accused the chief executive officer of securities fraud, and Musk settled. "Tesla won't spend money on more capacity until existing lines get closer to 35GWh". "Something like +$3,000?", Musk responded, "Something like that".

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