Tesla CEO Elon Musk’s balancing act requires some capital support AntonyMCurrie
Elon Musk, chief executive of Tesla, is due to unveil the Model Y on the evening of March 14. The vehicle, the company’s fifth, will be a small SUV. The company has said it expects to start producing the Model Y by the end of this year, though has yet to decide where to build it.
Musk has indicated that the new vehicle will cost around 10 percent more than the Model 3, the lowest-priced version of which sells for $35,000. On March 11 lawyers for Musk submitted a court-ordered response to the Securities and Exchange Commission’s allegation that he violated a 2018 settlement with a Feb. 19 tweet about Tesla’s 2019 vehicle production. Musk’s defense includes asserting that the tweet was just “shorthand gloss” on previously disclosed information and not material. The SEC has since received approval from the judge to respond to Musk’s “factual assertions” by March 19.
On March 10 Tesla said it has decided to “keep significantly more stores open” than the “many” envisaged under its plan announced 10 days earlier. As a result, Tesla is reversing roughly half of the 6 percent price reduction it announced on Feb. 28 for all cars, except the lowest-cost Model 3.
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