Tesla is boosting its expenditure plan by billions of dollars over the short and medium-term.
According to Bloomberg, the revised plan was revealed in a regulatory filing to the Securities and Exchange Commission earlier today.
Per Tesla’s quarterly report, Tesla now expects to spend between $6 billion and $8 billion on capital expenditures this year and each of the next two years.
Previously, Tesla had forecasted spending between $5 billion and $7 billion on ramping up facilities and other capital investments.
Tesla did not lay out exactly what they are planning to use the additional capital investment money on.
However, we know that Elon Musk and the executive team are looking to increase production at Giga Austin and Giga Berlin.
Musk, for his sake, total a Tesla Owners Club at the end of May that the company was struggling to boost production of Model Y’s from the two new factories.
Investing to improve production or other services is a smart move by Tesla, as they continue to look to keep up with demand.
In addition, as we reported last week, Tesla is also looking to quicken up Tesla service stops with inspiration from F1 pit crews.
So, we could see some of these capital expenditures going to Tesla Service to help support the one-hour service effort.