Tesla increased its capital expenditure plan by billions of dollars after Chief Executive Officer Elon Musk referred to the carmaker’s new factories as “gigantic money furnaces.”
Tesla Inc. increased its capital expenditure plan by billions of dollars after Chief Executive Officer Elon Musk referred to the carmaker’s new factories as “gigantic money furnaces.”
The company now expects US$6 billion to US$8 billion of capital expenditures this year and each of the next two years, according to its latest quarterly report. Tesla had previously estimated it would spend between US$5 billion and US$7 billion on ramping up manufacturing facilities and other items.
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