EV giant Tesla on Monday announced that it is expecting capital expenditure to exceed $10 billion in 2024 and to range from $8 billion to $10 billion for each of the following two fiscal years.
Tesla said in a US regulatory filing with the Securities and Exchange Commission that it was focussing on raft of new products and initiatives as well as its "manufacturing facilities on three continents."
The expenditure would go to "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."
The company expects to meet its capex needs from cash flow from operations, which is supported by sales growth.
The company ended 2023 with $29.09 billion in cash and cash equivalents and investments, representing an increase of $6.91 billion from the end of 2022.
Cash flows provided by operating activities in 2023 and 2022 were $13.26 billion and $14.72 billion, respectively, representing a decrease of $1.47 billion. Capital expenditures amounted to $8.90 billion in 2023, compared to $7.16 billion in 2022, representing an increase of $1.74 billion.
