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

Tesla Should Not Have Lowered the Price of Autopilot Says Musk

Is a tweet sent out earlier today, Elon Musk has said that Tesla should not have temporarily lowered the price of Autopilot, its semi-autonomous driver-assistance system.

Tesla impressively expects Model Y production and demand to trend higher than the Model 3 - and the Model 3 is the electric-car maker's highest-volume vehicle yet.

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.

Tonight at 8pm PDT (11pm EST), the Model Y will be unveiled to the world at a special event at Tesla's Los Angeles Design Studio.

When announcing the Model Y's premiere date on Twitter, Musk took the time to suggest that the SUV will be about 10 per cent larger than the Model 3 and also cost around 10 per cent more. But Musk did provide a few tidbits in a tweet last week.

According to a series of tweets from Musk himself, the Model Y will be an SUV "about 10% bigger than Model 3". 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.

First and foremost, the Model Y will be based on the same platform as the Model 3 sedan. But its announcement also mentioned the Model Y, which shares the Model 3 platform.

Gambino crime kingpin Frank Cali shot dead in New York
The Gambino family was once one of the most notorious crime syndicates in America and one of New York's five major crime families. Cali was believed to have been elevated to the position of acting boss in 2015, taking over from Domenico "Greaseball" Cefalu.

The company said in a blog days ago: "As a result of keeping significantly more stores open, Tesla will need to raise vehicle prices by about 3% on average worldwide".

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. "Since Model Y will be built on the Model 3 platform and is created to share about 75% of its components with Model 3", Tesla explained in its fourth-quarter shareholder letter, "the cost of the Model Y production line should be substantially lower than the Model 3 line in Fremont, and the production ramp should also be faster".

Tesla has undergone multiple rounds of layoffs in the past year.

On Monday, Musk argued in a filing that his "single, immaterial" tweet to his more than 24 million Twitter followers claiming the electric vehicle-maker would produce around 500,000 cars in 2019 did not violate that agreement.

Critics of the SEC point out that the agency's enforcement actions have had a negative impact on Tesla's share price and the vast majority of shareholders likely want to keep Musk on as chief executive.

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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