U.S. DOJ seeks Tesla documents on driving range
Tesla (NASDAQ:TSLA) revealed Monday that the U.S. Department of Justice (DOJ) is seeking documents from the automaker related to the driving range of the company’s electric vehicles. The revelation follows reports that the company allegedly exaggerated their potential distance capabilities.
The car manufacturer further disclosed, in a quarterly filing with the SEC, that the DOJ was investigating its autonomous driving technology, individual perks, and staffing choices, signaling an escalation in the government's scrutiny of the company.
Tesla also reported that the company’s capital expenditure for 2023 would exceed the $7B to $9B target management had set earlier this year, as the company ramps output and prepares to roll out new models.
Tesla is expected to begin deliveries of its redesigned Model 3 compact sedan and the Cybertruck in the final quarter of the year. The retooling of the factory in the third quarter affected deliveries and impacted profits.
The filing showed that company spending is expected to return to the $7B-$9B range within the next two years.
Shares of TSLA are down 2.16% in early trading on Monday.
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