Tesla expects capital spending boost amid growth spurt

Tesla shares have risen more than 400% this year.Tesla is constructing a plant each in Berlin and Texas, apart from its facility in California and Sha
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Tesla logo is seen on a car. (File Photo) (REUTERS)
Tesla logo is seen on a car. (File Photo)

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.

First Published Date: 27 Oct 2020, 07:43 AM IST
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