SEC Seeks Court Order Against Musk, Hyundai-Kia Joins NACS, Tesla Semi Hiring (Video)

hey everybody rob mare here and today we're discussing some news about the SEC and Elon Musk we've also got another sec filing from Tesla some news on North American charging standard some Factory updates and a few other items as well pretty quiet day for the stock today Tesla down about half a per closing at $259 98 the NASDAQ down about 1/10th of a per. all right so today we've got more headlines around the SEC and Elon Musk this time around the SEC is Seeking a court order to force musk to testify regarding the previously disclosed investigation relating to the Twitter acquisition so I think Bloomberg the first to report on this today their headline read secc sues Elon Musk over refusal to testify in Twitter probe all right well another lawsuit against Elon by the SEC that doesn't sound great we know how that has turned out in the past but if we can filter through the media headlines and actually look at what the SEC has filed today they say that quote the SEC staff's application seeks an order from the court directing must to comply with the subpoena end quote so literally all this relates to is the SEC wants Elon to testify and actually for the third time on this specific investigation they had tried to schedule this testimony a couple of times and most recently a couple of days before it was scheduled to happen Elon basically noped out provided a few reasons why he felt he should not have to testify again and this is basically the sec's counterargument to that asking the court to compel the testimony so that's it they're just seeking a court order characterizing this as a lawsuit is pretty extremely misleading and Bloomberg seems to agree although they have kept the same hyperlink which specifies secc su's Elon Musk well they have now significantly changed the headline they've changed the body of the article and all references to lawsuit or Su have been removed except for one that they seem to have forgotten about which captions the video included in the article which I'm sure if they had noticed they would also remove that reference too so side by side of the old headline and the new headline SEC sues Elon Musk over refusal to testify in Twitter probe now updated to SEC seeks to force musk testimony on Twitter stock purchases and the opening paragraph updated similarly used to say SEC suit Elon Musk now says SEC seeking to force him to testify but at this point the language is already out there people already think the SEC filing a new lawsuit against Elon which also carries the connotation that they've closed their investigation and are now pursuing the lawsuit so this is actually a really minor story very disappointing to see this from Bloomberg obviously they made the updates although they have decided to admit that they've made these updates in their note about updating the article which I think makes it even worse all it says is that updates with background on musk's Twitter purchases starting in sixth paragraph like what you changed the headline you changed the first paragraph This is pretty much a completely different report outside of what the topic is so very disappointing reporting But continuing to look further into the actual SEC action just to better understand what's going on here a lot of people have thought that this investigation relates to when Elon filed a 13g filing disclosing his significant ownership in Twitter that had happened a couple of days late in this SEC filing they say that one of musk's objections was that quote in the context of an investigation into the timing and substance of a schedule 13g enough is enough end quote but the SEC says this objection fails at its premise the sec's investigation pertains to considerably more than the timing and substance of a particular SEC filing it also relates to all of musk's purchases of Twitter stock in 2022 and his 2022 statements and SEC filings so hopefully that helps clarify what exactly this investigation is about what exactly this filing is about again this is just the SEC requesting the court to compel musk to testify I would imagine that they'll probably succeed with this request again Elon has already testified for this but their argument is basically that there's a lot of new information that they have learned since then so we'll see but I also think it's pretty reasonable for Elon to try to not have to do it since he already has previously all right well move on from this but actually stay with SEC filings this one from Tesla's investor relations page there's a new SEC filing labeled CT order which certainly amusing from a timing perspective with everyone being excited about cybertruck orders but CT here means confidenti ity treatment so this is just an extension of a confidentiality treatment agreement that Tesla has previously been granted and obviously because it's confidential we don't know a whole lot about it maybe it relates to Tesla supplier agreement something like that all right next up we've got some news on nacs or the North American charging standard Hyundai Kia and Genesis actually have announced that they are going to be adopting nacs after a little bit of debate and they had to figure out if that would work with their batteries and things like that but these Brands now hopping on board very similarly to the other announcements that we have had looks like they'll Target the fourth quarter of 2024 to start implementing the nacs port on their vehicles in the US so a few holdouts obviously remaining but hyundia that's obviously a pretty big one so nice to have this news all right next we've got a nice post on X from a onde relating to a topic that we had talked about yesterday which was kind of comparing automaker sales from pre-co 2019 here we've got that exact same comparison being made for Germany we can see Tesla up you know 471 since that period of time most auto makers though down pretty significantly total down 22% in that period with just Tesla Porsche and Kia increasing so just like with the US good context to keep in mind internationally as well next we've got a report on Giga Mexico this is coming from Reuters they are saying that according to new comments from newo Leon Tesla has asked for new infrastructure to be built out including energy water and transportation the report says they are in the early stages of detailing Investments and infrastructure needed which makes it sound like oh man how far away is this if they're just in early stages of these discussions but it's also noted that no Leon said that this project will trigger growth in the region hence the need to invest in necessary infrastructure in roads schools Health Centers and basic Services which are all very important but also might not necessarily be things that are gating factors to get production started on Giga meico but definitely things that need to be thought about as production and hiring and all that sort of stuff scales over time so obviously we've heard quite a few reports on Giga Mexico but I wouldn't necessarily read too much into this one specifically and although not directly related we did have an interesting comment from Tesla executive Rohan Patel on X today the post he is directly replying to was deleted so I can't actually see what it was referencing specifically I think there was some reporting about maybe a giga Mexico expansion or maybe further delays I'm not sure but Patel noting quote if you believe the Legacy Media we are building gigafactories in virtually every country in Asia and Europe while at the same time cancelling factories we have already announced it is BS clickbait and should be ignored this article is one of many I have seen that incorrectly and randomly comments on our Mexico plans we will continue to make progress with the local state and federal governments and we are very appreciative of their efforts to enable the permits and sustainable infrastructure necessary end quote so again this is relating to a different report than the roers report but good thing to keep in mind in general all right next we've got a quick update on the updated version of the model y Drive Tesla Canada sharing some photos that were posted in China of the update obviously we've seen these in the design studio and things like that but some real photos here of the new Wheels as well as the dash next another continuation of a story that we had talked about yesterday which was Tesla reportedly finalizing the gig Nevada expansion plans a few days ago from Electric it looks like over the last few days they have now added a number of new Tesla semi positions which could be a result of these plans now being finalized which is exciting to see obviously it's still going to require a decent amount of patience from this point but nice to see a few signs of progress there nonetheless onto the Cyber truck not as much new news to day but a couple of really nice shots again uh continuing to come out of the Cyber truck at Star base including one that shows the Cyber truck next to a model X that seems to be pretty clearly rigged up to shoot video of the cybertruck there had been reports of this but I think that now looks very clear that Tesla was doing some promotional filming which is obviously encouraging and then over on Reddit a user by the name of just human garbage took a video of a cyber truck at a supercharger and I think the lighting just looks really nice here this when I first saw it it made me think of all those times where I say you got to just see it in person this video actually feels like what it feels like in person I think it is a very impressive vehicle all right we've got a couple other automaker updates first on GM it has been reported by the information that GM's pretty recently named CTO is going to be leaving the company on November 1st so his tenure is only going to be a couple of months after having spent his entire career effectively at GM it's also kind of interesting because he was just pretty open about where GM stood on their Battery Technology saying that GM needs to make its own batteries and I think GM has tried to present it that way through the Alum platform obviously that's done in partnership with LG so who knows if it was related to those types of comments but from what I could tell this person seemed to have a pretty good understanding of where things needed to go but obviously not going to be able to see that through then we've also got an update from Lucid they have announced the rear wheeel drive version of the pure trim Lucid air they are stating their range as 410 Mi though they say that the EPA range estimate would be 419 Mi so just a bit above the long range Model S and the price will be a bit above it as well starting at $77,400 obviously the margins though for Lucid are going to be tough to say the least all right last couple of things as scheduled Elon did partake in the international astronautical Congress today gave a few updates on SpaceX and Starship a lot of things that had already been disclosed but a couple of interesting things for the next test flight of Starship he said the goal is to survive ignition obviously and Stage separation as well he was also asked when SpaceX would try to catch the rocket and for the booster said that that could maybe happen within the next year and then for the ship probably a little bit later they'd have to do a number of water Landings first so said that that' probably be maybe the end of next year and then for Mars he said probably 3 to four years to land Starship on Mars lastly then I just want to take a quick look at the calendar because tomorrow I am going to actually be taking the day off my parents are coming to visit so looking forward to that we'll hope for a quiet day and then as we head into next week we will have the producer price index PPI and Consumer Price Index CPI report those will be on Wednesday and Thursday morning before Market open all right that'll wrap it up for today and for the week then as always thank you for listening make sure you're subscribed and signed up for notifications you can also find me on X Tesla podcast and we'll see you on Monday for the October 9th episode of Tesla daily thank [Music] you