Tesla expects to see a jump in capital expenditure next year as the electric-vehicle maker increases the production of a new battery cell and Semi heavy duty truck.
The company, led by billionaire Elon Musk, projected capital expenditure between $7 billion and $9 billion between 2024 and 2025. The midpoint of the forecast is $1 billion higher than the $6.00 billion to $8.00 billion range provided for this year.
Some of the spending will go toward a $3.6 billion expansion of its Nevada Gigafactory complex, where Tesla is building a factory to produce its long-delayed Semi truck and another 4680 cell plant that would be able to make enough batteries for 2 million light-duty vehicles annually.
The company is boosting output in its facilities in Berlin and Austin, Texas while struggling with high costs of raw materials, such as lithium, used in batteries.
The company's shares fell by 1.8 per cent in premarket trading.
The automaker has been using its strong profit margins and production scale in a price war to help fend off rising competition and boost demand at a time when the economy is slowing.
The filing on Tuesday shows that Tesla recorded an impairment loss of $204 million on the bitcoin it holds, while booking a gain of $64 million from converting the token into fiat currency.
A year ago, when rising interest rates and the collapse of major industry players such as FTX shook investor confidence.