Tesla raises capital spending plan again in midst of price cuts
TESLA increased its forecast for capital expenditures again and is now budgeting at least US$7 billion for this year.
The electric-car maker expects to spend as much as US$9 billion in 2023, according to a regulatory filing.
As of January, Tesla provided a forecast range that was US$1 billion less at both the low and high end.
While Tesla executives have been emphasising cost-cutting efforts recently, as the company has repeatedly reduced vehicle prices, the carmaker has increased its capex forecast several times in the last nine months.
In July, the company was expecting US$6 billion to US$8 billion for 2022 and the following two years.
Tesla shares traded down as much as 1.9 per cent to US$162 before the start of regular trading on Monday (Apr 24) in New York.
The stock has climbed 34 per cent this year. BLOOMBERG
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