Tesla on Friday told Reuters it had not received a subpoena from the U.S. Department of Justice related to its forecast for Model 3 production, following a report from The Wall Street Journal that the company is facing a deepening criminal probe about the projections.
The FBI is examining whether Tesla misstated information about the production of its Model 3 sedans and misled investors about its business going back to early 2017, the Journal reported.
The news came two days after Tesla reported net income of $312 million for the third quarter, its first GAAP profit in two years, as revenue doubled amid rising production of the Model 3 sedan.
The company posted a net loss of $619.4 million in the same quarter last year and a net loss of $717.5 million in the second quarter this year, the company said Wednesday.
CEO Elon Musk has been under pressure to deliver consistent production numbers for the Model 3, seen as crucial to its profitability and ability to be a high-volume car manufacturer.
In the third quarter, Tesla posted record deliveries of the company's Model 3 sedan at gross margins of nearly 20 percent, which drove free cash flow to $881 million. The company ended the quarter with $3 billion in cash on hand.
Musk, who has often set goals and deadlines that Tesla has failed to reach, surprised investors by delivering on his pledge to make Tesla profitable for only the third quarter in its 15-year existence, providing a positive end to a difficult quarter for the CEO whose leadership was openly questioned only weeks ago.