Tesla Inc. increased its forecast for capital expenditures again and is now budgeting at least $7 billion for this year.
(Bloomberg) — Tesla Inc. increased its forecast for capital expenditures again and is now budgeting at least $7 billion for this year.
The electric-car maker expects to spend as much as $9 billion in 2023, according to a regulatory filing. As of January, Tesla provided a forecast range that was $1 billion less at both the low and high end.
While Tesla executives have been emphasizing 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 $6 billion to $8 billion for 2022 and the following two years.
Tesla shares traded down as much as 1.9% to $162 before the start of regular trading Monday in New York. The stock has climbed 34% this year.
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