VeraCrypt format command goes like this:
"VeraCrypt Format.exe" [/n] [/create] [/size number[{K|M|G|T}]] [/p
password] [/encryption {AES | Serpent | Twofish | AES(Twofish) |
AES(Twofish(Serpent)) | Serpent(AES) | Serpent(Twofish(AES)) |
Twofish(Serpent)}] [/hash
{sha256|sha-256|sha512|sha-512|whirlpool|ripemd160|ripemd-160}]
[/filesystem {None|FAT|NTFS}] [/dynamic] [/force] [/silent]
Now what you were trying should go like the below. You are missing the path or the subset of the parameters.
Create a 100 MB file container using the password test and formatted using FAT:
"C:\Program Files\VeraCrypt\VeraCrypt Format.exe" /create c:\pathofthevolume\testvolume.hc /password test /hash sha512 /encryption serpent /filesystem FAT /size 100M /force
And if you want to mount that automatically, then it should go like this:
Mount a volume called testvolume.tc using the password test, as the drive letter X.
veracrypt /v testvolume.tc /l x /a /p test /e /b
Refer the source LINK for details.
Hope it helps.