Tesla said the DoJ is looking into claims about vehicle driving range, add to a growing list of investor concerns for the clean energy carmaker.
shares moved lower Monday, sending the stock to a fresh four-month low, as a Department of Justice probe into the carmaker's claims over driving range, as well as expanded spending plans, added to a growing list of investor concerns.
"Our capital expenditures are typically difficult to project beyond the short-term given the number and breadth of our core projects at any given time, and may further be impacted by uncertainties in future global market conditions," Tesla said in a Securities and Exchange Commission filing. Last week, CEO Elon Musk cautioned that its Cybertruck will likely weigh on cash flows over the coming year as it accelerates production of the long-awaited flagship in an unusually cautious update that followed disappointing third quarter earnings.
Tesla's third quarter profits were down 37% from last year to 66 cents per share, even as revenues jumped 9.1% to $23.4 billion, thanks in part to a series of price cuts in key markets aimed at expanding the group's market share.
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