Tesla Raises Spending Plan As It Looks to Ramp up Production

Reuters2023-01-31

(Reuters) - Tesla Inc said on Tuesday it expects capital expenditure to increase next year as the Elon Musk-led electric-vehicle maker ramps up production of its new battery cell and the Semi heavy-duty truck.

Shares of the company were down 1.8% in premarket trading.

The company expects to spend between $7 billion and $9 billion in 2024 and 2025, compared with $6.00 billion to $8.00 billion this year, it said in a regulatory filing.

The filing comes days after the company unveiled plans to expand its factory in Nevada.

Last year, the company said it expected to invest $6 billion to $8 billion in 2023 and 2024.

Tesla expects to spend $3.6 billion on the Nevada plant expansion and comes as it aims to produce 50,000 Semi-electric trucks in 2024.

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