Tesla ramps up production in Shanghai to offset Chinese import tariffs

03 October, 2018, 01:39 | Author: Sheri Evans
  • SEC Lawsuit Against Musk Wiped $7.3 Billion From Tesla’s Market Value

The stock price of electric carmaker Tesla has soared after founder Elon Musk settled fraud charges with the U.S. Securities and Exchange Commission.

Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement, which still must be approved by a court.

The charges come after Musk claimed in August via a series of tweets that he was planning to take the electric vehicle maker private, and implied that such a move was imminent with "funding secured". Munster reiterated that those aspects of the settlement, which could serve to handcuff Musk from acting sporadically, aren't necessarily a bad thing.

The news of Tesla CEO Elon Musk settling with USA financial regulators sent the company's stock soaring Monday morning.

Now, the company has to hire a chairman to replace Musk (something corporate governance experts have suggested for years), along with 2 new independent directors.

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Musk has gained legions of fans for his bold approach to business and technology, using his 23 million Twitter followers account to promote Tesla, his rocket company SpaceX, and tunnel venture, the Boring Co. The SEC alleged that Musk knew the plan was built on a shaky foundation when he proposed it. Those trade tensions have resulted in an import tariff rate of 40% on Tesla vehicles versus 15% for other imported cars in China.

Now the SEC problem is out of the way, Tesla and Musk still have to face off against two more legal obstacles.

The settlement marked a swift end to the SEC's lawsuit, which was filed Thursday.

In the agreement, Musk will resign as Chairman but will remain CEO and also a member of the board.

Tesla jumped as much as 19% to $315.45 at 7:45 am NY time, more than enough to offset Friday's 14% plunge. The original lawsuit had sought to remove him both as chairman and as CEO.

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On August 7, Musk told his 22 million Twitter followers that he might take Tesla private at $420 per share, with "funding secured".

Late last month, Electrek reported that Tesla had already broken its record ahead of the third quarter's close, adding that the company is set to exceed its guidance of 50,000 - 55,000 Model 3s.

The company has said that more than 400,000 customers are waiting to buy Model 3 sedans, and that each paid a $1,000 deposit.

An army of Tesla-owning volunteers swooped in over the weekend to help deliver cars to new buyers while Musk cheered on his employees, telling them in emails to "ignore all distractions" and that they were on the cusp of "an epic victory beyond all expectations".

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