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To ramp up output Tesla raises 2023 spending forecast as it races

Tesla Inc raised its capital expenditure forecast for 2023 on Monday as the automaker ramps up output at its factories to take advantage of the rising interest in electric vehicles.

The company, led by Elon Musk, said in a filing that it expects to spend between $7 billion and $9 billion this year, higher than its previous outlook of $6 billion to $8 billion.

It maintained the spending outlook for the next two years at $7 billion to $9 billion. Tesla’s shares fell 3.3% in morning trade.

The world’s most valuable automaker has been raising its production aggressively as it prioritises sales growth ahead of profit in a weak economy and works towards CEO Musk’s bold goal of selling 20 million electric vehicles in 2030.

Achieving that goal will make Tesla twice the size of any automaker in history, accounting for roughly 20% of the global vehicle market….for more viste

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