Dec. 15 (UPI) -- Tesla Motors was under formal Securities and Exchange Commission investigation for a year but did not notify investors, a new report says.
The SEC investigated the California-based company's method of requesting a $1,000 down payment from customers for future delivery of the unbuilt Tesla 3, an electric-powered sedan meant to sell at $35,000 each. The up-front funding was meant to increase cash flow to produce the car, investment research firm Probes Reporter said on Thursday.