Tesla has revised its investment plans with additional funds. This is the result of a filing with the US Securities and Exchange Commission (SEC). Accordingly, Tesla plans to invest up to 8 billion dollars a year until 2024.
According to the document submitted to the SEC, Tesla plans to invest more billion dollars now and the next two years than before: instead of 5 to 7 billion dollars, 6 to 8 billion dollars are estimated. The extra money will be sent to the electric car maker’s new plants in Austin in the US state of Texas and in Brandenburg near Berlin to increase production.
In 2021, Tesla had invested 6.5 billion dollars. The group explains the variety of two billion dollars in planning for 2023 and 2024 by saying that due to the number, breadth and depth of its basic projects, it is difficult to predict the flow of money to them. In particular, new products such as the new generation of large energy storage devices called “Megapack”, the production of electric vehicles on three continents and the production of batteries with new technologies.
Tesla CEO Musk said last month that the two new factories are “losing billions of dollars” as they struggle to ramp up production due to battery shortages and Chinese port problems. The company is also having trouble hiring enough people for its German “Gigafactory.” This is because of the salaries paid so far, which will be higher in the future.
Car production at the German plant was halted in July while the plant underwent a two-week overhaul. The goal of the conversion is rapid production: the current cycle time of 90 seconds should be reduced to 45 seconds from August.