Tesla said on Monday that it was spending about $ 1 billion to set up a factory, develop new batteries and fund other projects.
Tesla said in securities filing that it expects capital spending in 2022 to rise from $ 5 billion to $ 7 billion in April to $ 6 billion to $ 8 billion.
Increased spending was one of several new disclosures in Tesla’s quarterly report filed with the Securities and Exchange Commission. Automakers also said they had lost $ 170 million in their investment in Bitcoin due to increased scrutiny from the commission.
Mr. Musk recently complained about the problem of launching new plants near Berlin and Austin, Texas, and described it as a “golden kamado” that was depleting resources without producing enough cars.
Tesla’s profits and deliveries declined in the second quarter compared to the first three months of the year, as Musk described it as “the hell of the supply chain.” This is a rare setback for companies that dominate the fast-growing electric vehicle market. Increased capital investment suggests that operating new factories in Germany and Texas proved to be more expensive than expected.
Tesla also said in a quarterly report that it had received a subpoena from the SEC seeking information on the company’s compliance with the 2018 agreement to resolve allegations of securities fraud.
The subpoena is a twist on the long-standing controversy between Mr. Musk and the SEC. In 2018, he was accused on Twitter of misleading investors by saying he had raised money from shareholders to buy back the company. No transaction occurred.
To resolve the allegations of securities fraud, Mr. Musk has agreed to carry out certain social media posts by legal counsel. In April, a federal judge in New York refused Mr. Musk’s attempt to break the deal.
Filing also revealed that Mr. Musk’s appeal to cryptocurrencies cost Tesla money. Automakers said they made $ 64 million by selling Bitcoin, whose value fluctuates significantly, in addition to a loss of $ 170 million. Tesla said he lost his money last week after selling most of his Bitcoin.
Mr Musk said last week that he still believes in cryptocurrencies and that the decision to sell some “should not be considered any verdict against Bitcoin.” He said Tesla wanted cash.
The filing was released at about the same time that Mr. Musk defended his personal conduct on Twitter.The Wall Street Journal The CEO reported having a relationship with the wife of Google co-founder Sergey Brin. It was ruining the friendship between the two. Mr. Musk said the story was wrong, adding that he was so overworked that he “did not have much time for Shenanigan.”
