Elon Musk confirmed to Tesla investors his desire to increase spending in 2024. The American company is preparing its next “ major growth phase » and will invest $10 billion this year.
Tesla to spend $10 billion in 2024
After the success of the Model 3 and Model Y, Tesla now wants to focus on the “ Redwood » (this famous car promised under 25,000 euros). Tesla describes itself as “ between two major waves of growth “. Sales of current models are expected to plateau this year. It will be difficult to do much better than in 2023, especially with the very good performance of the Tesla Model Y.
The second wave should be the rise of the Tesla Model 2. This car should see the light of day by 2025. In the meantime, the manufacturer is stuck with its current range. The brand’s sales can still grow slightly, but certainly not at as strong a pace as in recent years. Tesla will therefore invest $10 billion to prepare for this new phase of growth.
In 2023, capital expenditures amounted to $8.9 billion at Tesla. Against $7.16 billion in 2022. The company does not say precisely where the 10 billion dollars which will be spent in 2024, but there is a good chance that Tesla will also decide to strengthen its manufacturing infrastructure. Future projects could involve expanding two Gigafactories: the one located in Texas and the one in Berlin.
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In 2024, Tesla will also spend money to get its new factory in Mexico off the ground. A company spokesperson explains that “ our growth has allowed Tesla to become self-financing and we will continue to invest in a number of capital-intensive projects and research and development “. If the manufacturer actually reaches $10 billion in spending, it will be a record.
The company is also expected to increase spending on charging infrastructure. In 2024, Tesla plans to expand its Supercharger network faster than ever, particularly in North America. In Uncle Sam’s country, the company will authorize for the first time models other than its own to use its charging stations. Finally, Tesla will continue to invest billions in computing power to support its AI initiatives.
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