Tesla to Spend More Than $500 Million to Expand Supercharger Network, Musk Says. The Stock Rises
Tesla stock was rising in premarket trading Friday after CEO Elon Musk said the electric-vehicle company would be spending "well over" $500 million to expand its Supercharger network.In a post Friday on his social media platform X, Musk said Tesla would be creating "thousands of NEW chargers this year. That's just on new sites and expansions, not counting operations costs, which are much higher.". The announcement from Musk follows reports last week that said Tesla was cutting its Supercharger team of around 500 people.The gains for Tesla Friday put the stock on track to halt three consecutive down days.Shares rose 1% in premarket trading to $173.66, while S&P 500 and Nasdaq Composite futures both were rising 0.4%.Coming into Friday, Tesla stock has fallen about 5% for the week with drops on Tuesday, Wednesday, and Thursday.