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Daily Archives: November 5, 2018

Feds Subpoenaed Tesla Records About Model 3 Production

A parking lot of predominantly new Tesla Model 3 electric vehicles is seen in Richmond, California, U.S. June 22, 2018. Picture taken June 22, 2018. REUTERS/Stephen Lam

Investigators from the United States’ Securities and Exchange Commission (SEC) subpoenaed information about the earlier production forecasts for the Tesla Model 3 electric car that were made last year before its distribution. Tesla admitted this in a regulatory filing last Friday.

Based on the disclosure in Tesla’s quarterly financial report, the company said that the SEC asked to see records and public statements made about the predictions for the Model 3 production. The report said that Tesla is cooperating with the Justice Department in its investigation.

There have been widespread news reports that the SEC has asked to look into the records of the company regarding its Model 3 predictions. This is the first time that Tesla acknowledges the SEC subpoena though it said that it is cooperating with the Justice Department.

The Model 3 is an integral part of Tesla’s plan to become a household name, to move away from the luxury-vehicle-maker tag and appeal to a broader audience. And as the company pledges to meet quarterly net profits into the future, Tesla has to find a stable cash flow, which the Model 3 signifies.

In 2017 though, the company had trouble meeting the production requirements. It draws a lawsuit from investors who believed they were misled by Tesla CEO Elon Musk about the company’s production targets.

Early last year, Tesla announced that it plans to produce up to 5,000 units of Model 3 a week by the end of 2017. But because of automation problems at its Fremont, California factory, the company fell short of its target and made only 793 in the last week of 2017 and 2,700 for the entire year. It hit the 5,000-a-week target only starting June this year.

Tesla said in the filing that as far as the company knows, no government agency in an ongoing investigation has found out the Palo Alto company did anything wrong. There were no further comments from Tesla, the SEC, or the Justice Department.

 

3 Things To Know About The Upcoming 2021 Mercedes-Maybach GLS

mercedes-maybach gls (1)

There have been talks of a Maybach GLS as far back as 2014 and now, thankfully, after nearly five years, the first prototypes have been spotted recently exiting Mercedes’ main test center in Germany. This comes after Mercedes announced that it is working on a redesign for its GLS (formerly GL-Class) but this time, the ultra-luxurious Mercedes-Maybach model will be part of the lineup.

The Mercedes-Maybach GLS will challenge the Bentley Bentayga, the Rolls-Royce Cullinan, and potentially something else from Aston Martin’s revived Lagonda brand.

1. Exterior

The Maybach GLS will have the same body and lights like that of the regular GLS. The grille, however, will be unique with its vertical slats. We can see some of the planned exterior styling based on the Maybach Ultimate Luxury concept unveiled during the 2018 Beijing Auto Show.

The Maybach badges should be placed on the side pillars at the rear. Buyers might also get a chance to choose a two-tone paint scheme, an option that’s already being offered for Maybach S-Class buyers.

2. Interior

The Maybach GLS will have an extra spacious four-seater layout. A stretched version of Mercedes’ MHA platform should underpin the redesigned Mercedes GLS and this Maybach variant. The MHA platform has been extended for SUVs sized from the GLC up (but excluding the G-Class). It is closely related to the MRA platform found in most of the German carmaker’s sedans and coupes. That architecture is being used in the GLC. 

3. Powertrains

Expect the Maybach GLS to come with a 4.0-liter twin-turbocharged V-8 engine. That should be its core unit. A plug-in hybrid version should also be an option. It’s still too early to talk about drivetrains, though, so there’ll be lots of updates to come in the next months.

The redesigned GLS is expected to debut this month at the 2018 Los Angeles auto show as a 2020 model while the Maybach variant will follow next year as a 2021 model.

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