In a regulatory filing on Monday, Tesla announced that it has increased its capital spending plan by $1 billion. Up from its previous expenditure plan of $5 billion-$7 billion, the company now expects to spend between $6 billion and $8 billion this year and each of the next two years as it looks to ramp up production at its new facilities in Berlin and Texas.
Following the subpoena by the US Securities and Exchange Commission (SEC), the electric automaker has disclosed details related to Chief Executive Elon Musk’s go-private tweets in 2018.
While Tesla is struggling to raise output due to a shortage of batteries and China port issues, Musk had last month said the factories are “losing billions of dollars”.
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By agreeing to let the company’s lawyers pre-approve tweets with material information about the company, Musk had settled a lawsuit by the SEC over his go-private tweets.
Likening himself to rapper Eminem in seeking to throw out his 2018 agreement with the SEC, Musk said his “funding secured” tweet was truthful and appealed a judge’s refusal to end the agreement.
After dropping his $44-billion offer to buy the social media company, Musk is preparing for a legal showdown in October with Twitter.
Due to concerns over the number of fake users and spam accounts, the regulator had questioned Musk over a tweet in which he raised doubts over his acquisition of Twitter.
Gaining $64 million in the process, Tesla’s filing said it converted about 75 per cent of its bitcoin holdings into fiat currency.
While recording an impairment charge of $170 million in the first six months of 2022, the fair market value of its digital assets was worth $222 million.
(With inputs from agencies)
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