The road ahead is looking bumpier for Tesla (TSLA).
Days after reporting earnings that landed below Wall Street's expectations, the EV maker disclosed that its automated driving systems are under deepening federal scrutiny.
In a filing Monday with the Securities and Exchange Commission, Tesla said it had received requests from the Justice Department that included subpoenas asking it to turn over documents relating to its autopilot and full self-driving features.
Tesla said it also received requests for information, "including subpoenas," on a wide range of other issues "regarding certain matters associated with personal benefits, related parties, vehicle range, and personnel decisions."
In August, the Wall Street Journal reported that federal prosecutors were looking into concerns that Tesla’s company funds may have been used to create a glass house commissioned by CEO Elon Musk. The company didn't say in its filing whether the glass house was among the issues under scrutiny by the Justice Department.
The Justice Department’s requests for information concerning Tesla’s autopilot and self-driving features were disclosed by the company in January. The new revelation Monday that the agency had used its subpoena power suggests it has launched more serious inquiries.
The company didn’t offer additional details on the nature of the subpoena requests, but said "to our knowledge no government agency in any ongoing investigation has concluded that any wrongdoing occurred."
Reuters and other news organizations have reported that Tesla’s vehicles frequently fail to drive as far on a full charge as the company represents. Last year, Reuters also reported that federal prosecutors had launched a criminal investigation into Musk’s statements as far back as 2016 concerning Tesla "self-driving" features.
On its website Tesla specifically states that its vehicles are not self-driving and that features like automatic braking and lane correction are intended for "fully attentive drivers" whose hands are on the wheel at all times.
The new probes deepen legal entanglements for the vehicle manufacturer, as it tries to recover from earnings reported on Wednesday that missed analysts’ expectations.
For its third quarter, Tesla reported top-line revenue of $23.4 billion, a result that fell short of analyst estimates of $24.06 billion.
Revenue year over year jumped 13%, while adjusted earnings per share (EPS) were $0.66 versus $0.74 expected. The company reported adjusted net income of $2.3 billion, versus $2.56 billion expected.
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