Tesla (TSLA) sees FY Capex reaching above $10B in 2024

Tesla (NASDAQ: TSLA) unveiled an ambitious capital expenditure plan, anticipating expenditures exceeding $10 billion for 2024, with projections to allocate between $8.00 and $10.00 billion in each of the following two fiscal years.

Bolstered by a strong financial standing, the company reported $16.40 billion in cash and $12.70 billion in short-term investments as of December 31, 2023, providing robust support for its growth initiatives.

A notable portion of this capital will be earmarked for the expansion of Tesla's Supercharger network to meet what management thinks is an expected surge in demand for electric vehicles and addressing concerns surrounding charging infrastructure.

Shares of TSLA are up 1.12% in pre-market trading Monday morning.

By Michael Elkins | [email protected]

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