Tesla expects capital spending boost amid growth spurt
Tesla Inc. expects capital spending on new plants and equipment to reach the high end of a range from $2.5 billion to $3.5 billion in 2020, according to a regulatory filing.
The Palo Alto, California-based maker of electric cars also projects that spending could almost double in each of the next two years, rising to a range of $4.5 billion to $6 billion, it said in the quarterly filing disclosed Monday.
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Tesla currently has one auto plant in Fremont, California, and a newer factory in Shanghai, China. The company has begun construction on new vehicle-assembly facilities in Berlin and Austin, Texas, with plans to begin delivering vehicles from both locations next year.
Tesla shares have risen more than 400% this year. The stock pared a gain of as much as 1.2% to trade up 0.5% to $420.57 as of 10:27 a.m. in New York.