"Tesla will make over 500k cars in next 12 months, but that's a mere 2% of 25M or 0.02% of global vehicle fleet", reads the Musk tweet in part.
A federal judge in NY has ordered Tesla CEO Elon Musk and USA securities regulators to meet for at least an hour to try and settle a dispute over Musk's tweets. If they fail to do so, Judge Alison Nathan will rule on the contempt charge. In the March quarter, Tesla delivered 63,000 vehicles, down from 90,966 in the final three months of 2018.
The case of the sudden dip that placed the price of Tesla shares to the bottom point for the week, still seeing declines even days later with its latest trading session on Monday, April 15, is contributed to the news that Tesla Inc shared on the matter of their deal with Panasonic Corp.
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Musk on Saturday disputed reports that Panasonic had boosted annualized battery cell production capacity at the plant to 35 gigawatt hours, saying the company's lines were only at 24 gigawatt hours and have been constraining output of Tesla's Model 3 sedan. The stock is down 21 percent this year.
Mr Musk and Tesla later settled with the SEC. The agency contends that Musk hasn't sought the lawyer's approval for a single tweet.
The SEC wants Nathan to fine Musk for allegedly violating a court-approved settlement requiring his tweets to be approved by a lawyer if they disclose important company facts.
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"Everybody take a deep breath, put your reasonableness pants on and work out this", Nathan stated.
The problem over Musk's tweets goes back to a settlement reached following Musk tweeted that he had secured the funds to take Tesla personal at $420 an share - a significant premium over the price at the period - when he did not.
Tesla recently started deploying Autopilot on all its vehicles, while it was previously available as an option. She wrote in an order the next day that if Musk is held in contempt, the court will allow further briefings on sanctions.
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The order comes after Nathan urged both sides to agree at a hearing on Thursday in NY that Musk attended.