Economy

Elon Musk: Teslas Will Soon Follow Their Owners 'Like a Pet'

Elon Musk: Teslas Will Soon Follow Their Owners 'Like a Pet'

A Tesla charging station is seen in Salt Lake City, Utah, U.S., September 28, 2017.

The subpoena confirms that the SEC is investigating the company's production claims.

Taking a short break from working Boring Company's Hyperloop test tunnel and turning Tesla's into remote control cars, Elon Musk sat down with Recode's Kara Swisher for an hour-long interview.

The SEC declined to comment.

Musk said in a series of tweets posted on Thursday that the Summon upgrade will only be compatible in Tesla cars made in the last two years.

The Model 3 is a central part of Tesla's plan to expand from a niche player in the luxury segment to a auto maker with broader appeal.

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Jay Dublow, a partner with Pepper Hamilton LLP and former branch chief in the SEC's enforcement division, said the agency was likely looking at whether Tesla's projections had been "based on fact or not".

Musk said in that same earnings call that the company was struggling with "bottlenecks" on the highly automated Model 3 assembly line.

Early past year the Palo Alto, California, company announced plans to produce up to 5,000 Model 3s a week by the end of 2017.

Tesla finally met that target in June of this year.

The company has disclosed that it had received a subpoena from the Securities and Exchange Commission, and an informal request for information from the Department of Justice. This prompted the CEO to tweet in August that he had the funding secured to buy out shareholders. Musk and Tesla agreed to pay a combined $40 million without acknowledging or denying wrongdoing. It's also key to the company's cash flow and pledge to make quarterly net profits into the future. Next time, Ford may not be so lucky, he said.