Tesla will spend more to ramp up production at two new factories.
Tesla announced on Monday that it is increasing spending by about $1 billion to speed up factories, develop new batteries and fund other projects.
In a securities filing, Tesla said it expects capital spending to be $6 billion to $8 billion in 2022, versus an April forecast from $5 billion to $7 billion.
The increased spending was one of many new disclosures in Tesla's quarterly report filed with the Securities and Exchange Commission . The automaker also said it was under increased scrutiny by the commission and lost $170 million on its Bitcoin investment.
Mr. Musk recently complained about start-up problems at new factories near Berlin and Austin, Texas, describing them as "money furnaces" that were draining resources without producing enough cars.
Amid what Mr. Musk described as “supply chain hell,” Tesla's second-quarter profits and shipments fell from the first three months of the year, an unusual setback for a company that dominates the fast-growing electric car market. The increase in capital spending suggests that starting new factories in Germany and Texas has proven to be more costly than expected.
In the quarterly report, Tesla said also disclosed that he received a subpoena from the S.E.C. seeking information about the company's compliance with a 2018 agreement to settle securities fraud charges. In 2018, he was accused of misleading investors by saying, on Twitter, that he had arranged financing to buy the company from shareholders. The transaction never took place.
To settle charges of securities fraud, Mr. Musk agreed to have certain social media posts executed by a corporate lawyer. In April, a federal judge in New York rejected an attempt by Mr. Musk to walk away from the deal.
The filing also revealed that Mr. Musk's fascination Musk for cryptocurrencies had cost Tesla money. In addition to its $170 million loss, the automaker said it made $64 million selling Bitcoin, which has fluctuated wildly in value. Tesla said last week that it lost money after selling off most of its Bitcoin holdings.
Mr. Musk said last week that he still believes in cryptocurrencies and that the decision to sell it "should not be taken as a verdict on Bitcoin." Tesla wanted the money, he said.
The filing was made public around the same time Mr. Musk was defending his personal conduct on Twitter . The Wall Street Journal reported that the chief executive had an affair with the wife of a Google co-founder, Sergey Brin, which ruined the two men's friendship. Mr Musk said the article was fake, adding that he works so hard that "there just isn't much time for shenanigans".
Tesla announced on Monday that it is increasing spending by about $1 billion to speed up factories, develop new batteries and fund other projects.
In a securities filing, Tesla said it expects capital spending to be $6 billion to $8 billion in 2022, versus an April forecast from $5 billion to $7 billion.
The increased spending was one of many new disclosures in Tesla's quarterly report filed with the Securities and Exchange Commission . The automaker also said it was under increased scrutiny by the commission and lost $170 million on its Bitcoin investment.
Mr. Musk recently complained about start-up problems at new factories near Berlin and Austin, Texas, describing them as "money furnaces" that were draining resources without producing enough cars.
Amid what Mr. Musk described as “supply chain hell,” Tesla's second-quarter profits and shipments fell from the first three months of the year, an unusual setback for a company that dominates the fast-growing electric car market. The increase in capital spending suggests that starting new factories in Germany and Texas has proven to be more costly than expected.
In the quarterly report, Tesla said also disclosed that he received a subpoena from the S.E.C. seeking information about the company's compliance with a 2018 agreement to settle securities fraud charges. In 2018, he was accused of misleading investors by saying, on Twitter, that he had arranged financing to buy the company from shareholders. The transaction never took place.
To settle charges of securities fraud, Mr. Musk agreed to have certain social media posts executed by a corporate lawyer. In April, a federal judge in New York rejected an attempt by Mr. Musk to walk away from the deal.
The filing also revealed that Mr. Musk's fascination Musk for cryptocurrencies had cost Tesla money. In addition to its $170 million loss, the automaker said it made $64 million selling Bitcoin, which has fluctuated wildly in value. Tesla said last week that it lost money after selling off most of its Bitcoin holdings.
Mr. Musk said last week that he still believes in cryptocurrencies and that the decision to sell it "should not be taken as a verdict on Bitcoin." Tesla wanted the money, he said.
The filing was made public around the same time Mr. Musk was defending his personal conduct on Twitter . The Wall Street Journal reported that the chief executive had an affair with the wife of a Google co-founder, Sergey Brin, which ruined the two men's friendship. Mr Musk said the article was fake, adding that he works so hard that "there just isn't much time for shenanigans".
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