Tesla raises spending plan as it looks to boost production

Tesla raises spending plan as it looks to boost production

(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.

(Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila)

Gold, Silver, Platinum – Traders Stay Cautious Ahead Of The Fed MeetingGBP to USD Forecasts: Fed Fear to Give the Bears a Look at Sub-$1.23National Gas Drops Below Last Weeks Low to Trigger a Bearish Trend ContinuationGold Price Forecast XAU/USD – Lower on Position-Trimming Ahead of Fed MeetingOil Price Fundamental Daily Forecast – Pressured Ahead of Several Central Bank Rate HikesXRP Bulls Face Sub-$0.38 on SEC v Ripple Silence and Fed FearLoadingLoadingLoading