Skip to main content

Tesla Discloses New SEC Investigation and DOJ Inquiry

On the same day the SEC closed a second investigation of Tesla, the agency sent a subpoena seeking more information on 'financing arrangements.'
  • Author:
  • Publish date:

Tesla  (TSLA) - Get Free Report may not be out of the woods with the Securities and Exchange Commission just yet as the agency continues to investigate issues with the electric vehicle maker, according to a regulatory filing from Tesla on Thursday.

On Dec. 4, the same day the SEC closed its second investigation into the company over a tweet sent by CEO Elon Musk, the regulatory agency issued a subpoena “seeking information concerning certain financial data and contracts including Tesla’s regular financing arrangements.”

In a separate request, the Department of Justice also asked the company to voluntarily provide it with information on production rate projections for the Model 3 and Musk's claims that he had funding to take Tesla private.

The information being sought by the DOJ was part of the SEC investigation that was closed on Dec. 4. 

“There have not been any developments in these matters that we deem to be material, and to our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred,” Tesla said in its filing.

The disclosure of the subpoena was revealed by Tesla more than eight weeks after it was received. The SEC said that it does not comment on specific investigations.

Tesla has had a busy Thursday - the electric vehicle company said it will raise $2 billion in new common stock, less than two weeks after founder and CEO Elon Musk said it "didn't make sense" to raise money.

Tesla said it will use the cash to shore up its balance sheet, as well as for 'general corporate purposes.”

Meanwhile, the National Highway Traffic Safety Administration and Transport Canada both issued recalls of the company’s Model X SUVs in North America. The agencies recalled 15,000 vehicles due to a potential steering issue that can lead to a loss of power steering assist.