Does the SEC Have Enough Evidence Against Elon Musk?

Tesla backs off on store closure set to hike price instead

Tesla does have an SUV among its lineup - the Model X - but crossovers are quite popular these days and the company does want to offer a choice to potential Model 3 buyers who're looking for a slightly taller and heavier vehicle. On the company's website, Tesla says it will livestream the unveiling at 8 p.m. PDT.

It's against that backdrop that the Palo Alto-based company is about to add yet another project into the mix: The Tesla Model Y, an all-electric SUV. Hence, we expect Tesla Model Y to come out at $38,500 for the basic variant. From what we can tell, much of the front fascia will resemble the Model 3, while the overall shape will echo that of the Model X, albeit on a smaller scale.

In early March, Tesla said it would lower the post-delivery price of Autopilot and the upgrade package for existing customers to $2,000 and $3,000, respectively.

Unfazed by the fact that he's now legally feuding with the SEC for tweets regarding business operations at Tesla, Musk again took to the social media site on Tuesday to explain that Tesla "shouldn't have offered" lower prices on Model S and Model X vehicles.


In addition, Musk expects significant synergies from building the Model Y on the Model 3 platform. Musk corrected himself four hours later, saying that Tesla would indeed produce about 400,000 cars this year: "Meant to say annualized production rate at end of 2019 probably around 500k."But that correction was not enough for a federal judge, who gave Musk two weeks to explain why he should be spared from being held in contempt for violating the agreement with the SEC". There will be no price increase to the $35,000 Model 3. Recent price cuts have prompted concerns about demand for Tesla's vehicles. The company claims that its new V3 Supercharger, once rolled-out extensively, will cut down the amount of time spent by customers on charging their vehicle by half. The CEO is now clarifying that this is the ramp-up of another production, whereas the volume production of the Model 3 new version is not likely to take place for the coming few months.

The company has teased the vehicle with an image of its blacked out silhouette to promote Thursday's reveal and tech vlogger Marques Brownlee uncovered the words "NICE TRY" while attempting to manipulate the image to unveil more details the SUV's design.

Tesla is still testing the updated charging station with select owners, and is breaking ground on the first public V3 Supercharger location next month. The Motley Fool has a disclosure policy.

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