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Tesla (TSLA) confirmed that it is increasing its planned capital spending to $10 billion this year as it tries to achieve its next growth phase.

Lately, Tesla has described itself as being “between two major growth waves”. The first wave was the ramp-up of Model 3 and Model Y production, which appears to be now plateauing.

The second wave is expected to be the ramp-up of its next-generation vehicles, which are coming in late 2025.

In the meantime, Tesla is stuck with its current lineup, which can still grow a bit, but at nowhere near the pace of Model 3/Y.

In order to prepare for this next phase of growth and other products in the work, Tesla has disclosed upcoming record spending, according to a new SEC filing.

In its 10-K SEC filing today, Tesla confirmed that it spent $8.9 billion in capital expenditure in 2023:

Capital expenditures amounted to $8.90 billion in 2023, compared to $7.16 billion in 2022, representing an increase of $1.74 billion. Sustained growth has allowed our business to generally fund itself, and we will continue investing in a number of capital-intensive projects and research and development in upcoming periods.

That was a new record of spending for Tesla in 2023, but now the company says that it will be even higher this year.

Tesla disclosed that it plans to spend more than $10 billion this year:

Owing and subject to the foregoing as well as the pipeline of announced projects under development, all other continuing infrastructure growth and varying levels of inflation, we currently expect our capital expenditures to exceed $10.00 billion in 2024 and be between $8.00 to $10.00 billion in each of the following two fiscal years.

The company doesn’t disclose exactly where this money is going to go, but the automaker is always heavily investing in manufacturing operations and it is still growing Gigafactory Texas and Berlin.

It’s possible that Tesla will start spending more on Gigafactory Mexico this year – although the company is not committing to a start of construction any time soon.

One of the categories that could be driving Tesla’s higher spending this year is EV infrastructure. Tesla is growing the Supercharger network at an incredibly fast pace, and it’s a capital-heavy category. You have to build the stations and install them at full cost while seeing the return over years, if not decades, as EV drivers start to use these stations.

In 2024, Tesla needs to grow the Supercharger network faster and bigger than ever, especially in North America where it will finally start to on-board non-Tesla drivers in a more meaningful way for the first time.

Tesla also continues to invest billions in computing power to support its AI initiatives. The company recently disclosed a new $500 million Dojo computer cluster coming to New York. CEO Elon Musk also confirmed that Tesla will spend even more money on NVIDIA and AMD processors this year.

Interestingly, the company guides that spending will go down in 2025-2026 compared to 2024.

Where else do you think Tesla will spend a lot of money in 2024? Let us know in the comment section below.

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Podcast: new Tesla Model S/X, Robotaxi is sort of coming, Xiaomi breaks EV Nurburgring record, more

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Podcast: new Tesla Model S/X, Robotaxi is sort of coming, Xiaomi breaks EV Nurburgring record, more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the new Tesla Model S and Model XX, Robotaxi is sort of coming, Xiaomi breaking the EV record at Nurburgring, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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Chevy closes in on Tesla with the Equinox and Blazer EVs ‘right in the heart of the market’

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Chevy closes in on Tesla with the Equinox and Blazer EVs 'right in the heart of the market'

Chevy is narrowing the gap with Tesla in the US, thanks to its new Equinox and Blazer EVs. After outselling Ford, Chevy is now the fastest-growing EV brand in the US.

Chevy EV registrations triple in April as Tesla slips

GM is outpacing rivals in the US with a full lineup of 13 all-electric vehicles. Its biggest star so far has been Chevy, with new EVs like Equinox and Blazer seeing strong demand.

In the first quarter, Chevy became the fastest-growing domestic EV brand, outpacing Ford. According to the latest registration data from S&P Global Mobility (via Automotive News), Chevy is not slowing down. It’s actually closing in on Tesla.

Although new EV registrations fell for the first time in over a year in April, Chevy more than tripled its share. Tesla remained the top-selling EV brand with 39,913 registrations, 16% fewer than in April 2024.

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Chevy registered 9,160 EVs in April, more than triple (+215%) that of last year. Its share of the EV market rose to 9.4%, up from just 2.8% last April.

Chevy-Tesla-EV-registrations
2025 Chevy Equinox EV LT (Source: GM)

The Chevy Equinox EV was the third most popular model, behind Tesla’s Model Y and Model 3, with 5,424 registrations. Tesla Model Y registrations fell 42% to 18,978, while Cybertruck registrations slipped 23% to 1,680.

To be fair, Tesla already said earlier this year that the new Model Y changeover would impact production in the first quarter.

Chevy-Tesla-EV-registrations
Chevy Silverado (left), Equinox (middle), and Blazer (right) EVs at a Tesla Supercharger (Source: GM)

Chevy’s Blazer EV ranked sixth with 2,662 registrations in April. S&P Global Mobility analyst, Tom Libby, explained that “They have the Equinox and the Blazer right in the heart of the market and they’re really benefiting from that.”

US EV Registrations April 2025 % Change from April 2024
Tesla 39,913 -16%
Chevy 9,160 215%
Ford 5,534 -33%
BMW 4,812 8.7%
Hyundai 4,796 -25%
Cadillac 3,829 104%
Nissan 3,316 52%
Rivian 3,109 -30%
Mercedes-Benz 2,392 -19%
Acura 2,315
US EV registrations by brand in April 2025 (Source: S&P Global Mobility)

The Chevy Equinox EV, or “America’s most affordable 315+ mile range EV,” starts at just $34,995. No wonder it’s selling like hotcakes.

Through May, Chevrolet has sold over 37,000 electric vehicles in the US, outpacing Ford, which has sold 34,000. We will learn more when GM reports second quarter sales on July 1.

With leases starting at just $289 per month, the 2025 Chevy Equinox EV is a pretty good deal right now. Chevy is also offering 0% APR for 60 months on all 2025 EV models. Ready to try one out for yourself? You can use our links below to find Chevy EV models in your area.

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Stock losses accelerate on Israel-Iran attacks — plus, the latest on Amazon, Meta and Apple

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Stock losses accelerate on Israel-Iran attacks — plus, the latest on Amazon, Meta and Apple

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