Elon Musk's defense of his Tesla tweet will get SEC response

Elon Musk's defense of his Tesla tweet will get SEC response

On March 14 at 10:04 AM EDT, Tesla stock was up 3.1% on a week-to-date basis.

The Model Y will be a cheaper, scaled down version of the company's existing Model X SUV.

The US Securities and Exchange Commission had asked the court to hold Musk in contempt, saying his February 19 tweet violated a September fraud settlement barring him from sharing material information about Tesla on social media without the company's pre-approval. Apart from that, problems had not stopped trailing the electric carmaker, as the Tesla head Elon Musk had until the day on Monday to proffer a decipherable explanation why he should not be held responsible for his recent tweets, which the US SEC said, had breached a September fraud settlement.

In 2017, Musk indicated that the Model Y will require just 328 feet of wiring in its construction compared to the 5,000 feet of wiring used by the Model 3.

Model Y. Image source: Tesla. There will be no price increase to the $35,000 Model 3.

Tesla recently announced a handful of updates dedicated to increasing charging speeds for all its vehicles, including the reveal of its V3 Supercharger, an updated charging method that Tesla says will "ultimately cut the amount of time customers spend charging by an average of 50%, as modeled on our fleet data".

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Daniel Sparks owns shares of Tesla.

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 auto. Expectation on the new model is high as SUVs are now the fastest-growing vehicle segment in the USA and China, Tesla's two largest markets. The Model Y will slowly begin production early next year with production ramping up in late 2020. It's of more curiosity when it comes to the battery packs, as Model 3 is available in many options, so there will be a mix of sales. The top-end variant of Tesla Model Y is likely to be priced around $63,800.

The decision to close down all of its retail stores and move to an online-only sales model surprised numerous company's employees and investors, with some investors dumping the company's shares as its "growth" aura was rapidly deflating.

For a few months possibly a meaningful saving will not happen for Tesla when it starts making the Model 3 vehicle in volume.

That doesn't mean every Model Y will be made in America. This wasn't always going to be the case, as Musk previously said that it would utilize a bespoke platform.

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