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Tesla facing criminal investigation over Model 3 production, report says
27 October 2018, 07:36 | Kelvin Horton
Why almost everyone was wrong about Tesla's cash flow situation
It fell far short, making just 793 in the last week and 2,700 for all of 2017.
Though early reports claimed that the Model Y would be built upon a brand new platform, Tesla - for the sake of profitability - will not go down that path.
Musk also was unclear about whether or not the company could meet the 20% margin goal on the Model 3's $35,000 edition.
While Tesla tries to shake up the industry, long-established automaker Ford Motor Co. reported a net profit decline of 37 percent in the third quarter as sales slowed in the USA and China.
However the company has defended its forecasts.
The - of late controversial - CEO of Tesla Inc went on to say: "Model 3 became the best-selling vehicle in U.S.in terms of revenue and the 5th best-selling auto in terms of volume".
Tesla recently settled a civil lawsuit filed by the Securities and Exchange Commission, which sued over tweets by founder Elon Musk that he had funding in place to take the company private. But Tesla said it has not received any additional document requests, a subpoena, or a request for testimony from the DOJ about its public guidance for Model 3 production "for months". By contrast, positive cash flow means that more cash is coming in, allowing a company to pay down its debts.
Thanks to the production push for the Model 3 over the summer, Tesla was able to rack up $312 million in profits for Q3.
Kamran Mumtaz, a Tesla spokesman, sent Ars a statement, saying that earlier this year the company received a voluntary request for documents, which it complied with.
Anandhi Bharadwaj, an information systems professor in Atlanta, was persuaded to wire $60,000 to Tesla in August but said she didn't receive the title until October.
According to Engadget, Musk said that the long-promised $35,000 United States dollars (approximately $45,700 CAD) is less than six months away.
Former Tesla employees have reportedly been contacted by the Federal Bureau of Investigation.
CEO Elon Musk will sabotage his own goals for the electric vehicle maker if he takes it private, said ARK Invest CEO Cathie Wood, who predicted Tesla stock could reach $4,000 per share.
However the company ended up producing 2,700 Model 3s for all of 2017, and 793 in the last week of 2017.
"We can actually be cash flow positive and profitable in all quarters going forward", Tesla's Musk noted. "Many of these elements, particularly mix, are peaky in nature, and will likely fade in the future, so the burden of proof remains on TSLA to generate core underlying earnings and cash flow absent peak factors". Tesla is in no danger of going bankrupt.
Shares in Tesla have shot up 7.5 per cent today after the company moved into the black in its third quarter results.
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