After reporting a net loss of $38 million in its Q3 filings earlier today, Tesla suffered a loss of over 12% in afterhours trading. The stock, which has grown nearly 80% since the beginning of the year shot down almost $22 since the markets closed on November 5th.
Electric car startup GreenTech Automotive, which set up a factory in Horn Lake, Mississippi to manufacturer their low speed neighborhood EV called MyCar, is being investigated by the U.S. Securities and Exchange Commission for the way it solicited foreign investors. GreenTech Automotive was co-founded by Virginia gubernatorial candidate Terry McAuliffe, who is a former chairman of the Democratic National Committee. McAuliffe resigned as chairman of GreenTech in late 2012 when he started his campaign. (Read More…)
The U.S. Securities and Exchange Commission is investigating the principals of a private equity firm that has raised a significant amount of the private financing for Fisker Automotive, says Crain’s Chicago Business. Though nothing on the public record has tied the investigation with Fisker, the National Legal and Policy Center, a politically right of center think tank, points out that the commission has recommended administrative proceedings “in connection with a private offering in 2009″. Advanced Equities has been raising private investment funds for Fisker since at least 2009. They established Clean Tech LLC in 2010, which is 40% invested in Fisker, and in Feb. 2011, they invested an additional $150 million in the automaker. (Read More…)
Somewhere under a “Mission Accomplished” banner on an aircraft carrier, former car czar Steve Rattner is starting to get a bit lonely. Reuters reports that the Securities and Exchange Commission is seeking a three year ban on Rattner that would prevent him from working in the securities field. The ban stems from a recently-settled investigation into kickback allegations at Rattner’s former investment firm Quadrangle Group (involving a distribution deal for his brother’s low-budget movie “Chooch,” no less).