Economy

Tesla to ‘substantially’ increase the price of its self-driving option

Tesla to ‘substantially’ increase the price of its self-driving option

A federal judge in NY has given Musk and the U.S. Securities and Exchange Commission until April 18 to rework an agreement governing how the CEO posts information about Tesla on social media.

But the good news for potential Tesla owners is that they still have a few weeks to buy a Tesla with Full Self-Driving option at the old price, and have the new hardware installed when it becomes available. Musk's lawyers say he didn't violate the settlement.

The latest forecast, given as a seemingly innocuous aside in a discussion about the future value of Tesla vehicles, nonetheless came as Musk's lawyers are negotiating with the SEC over an agreement that put controls on the billionaire's tweeting.

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.

Nathan pushed Crumpton during the hearing to define the terms under which Musk should seek approval before he drew attention to surrounding the principles that the SEC sought to apply, and tweets.

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Hueston advised the judge the SEC had failed to demonstrate that his client had violated the deal. "I am confident the trial court will likewise reject this fanciful position which if adopted, would effectively prevent an individual from seeking redress for any and all false and defamatory attacks on reputation published on the Internet", Wood said.

At Thursday's close, Tesla stocks were down 19.5percent so far this season.

Meanwhile, the Tesla's stocks are decreasing nearly 10% in early trading after the company stated it churns out 77,100 vehicles well behind the speed it must sustain to fulfill the pledge to fabricate 500,000 cars of Musk.

Tesla also said 63,000 vehicles were delivered by it in the quarter, down 31% from the fourth quarter of 2018. On the other hand, there is a reason for the company making such move.

The problem over Musk's tweets goes back to a settlement reached following Musk tweeted that he had secured the funds to take Tesla personal at $420 an share - a significant premium over the price at the period - when he did not.