Proactive Investors - Tesla Inc (NASDAQ:TSLA) has revealed that it expects to spend $10 billion in capital expenditures (capex) in 2024.
Per the company’s annual 10-K report filed with the Securities and Exchange Commission (SEC), the electric vehicle (EV)-maker also expects to incur capex in the range of $8 billion to $10 for each of the two following financial years.
“We are simultaneously ramping new products, building or ramping manufacturing facilities on three continents, piloting the development and manufacture of new battery cell technologies, expanding our Supercharger network and investing in autonomy and other artificial intelligence-enabled training and products, and the pace of our capital spend may vary depending on overall priority among projects, the pace at which we meet milestones, production adjustments to and among our various products, increased capital efficiencies and the addition of new project,” Tesla said in the filing.
The company said it expects to fund its capex spending from its cash flow from operations, which it noted is consistently in excess of its level of capital spending.
It said it will also continue to use its cash flows to do more vertical integration, expand its product roadmap, and provide financing options to its customers, among other things.
“Overall, we expect our ability to be self-funding to continue as long as macroeconomic factors support current trends in our sales,” it said.
Tesla shares traded up 0.8% at US$184.54 in early trade Monday but are down 25.8% in the year to date after its fourth quarter earnings and growth outlook disappointed last week.