Tesla publicly announced on January 29, 2024, that it plans to increase its capital expenditure to $10 billion this year. This is a significant investment following a $8.9 billion spending in 2023. Through sustained growth, the company intends to continue investing in various capital-intensive projects and research and development.
Although it hasn’t been specifically revealed where this expenditure will go, there’s a possibility that more costs will be spent for Gigafactory Mexico this year. However, construction of the Mexico factory has not yet begun.
Meanwhile, Tesla needs to rapidly and significantly expand its Supercharger network in 2024, and there’s a possibility of starting RoboTaxi operations in North America. The company continues to invest billions of dollars in computing performance to support its AI initiatives. Recently, they revealed they planned to invest $500 million in a new Dojo computer cluster in New York. Elon Musk also confirmed that he would invest more money in NVIDIA and AMD processors this year.
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