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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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.
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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.
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 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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Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets: Wall Street moved lower Friday afternoon as tensions in the Middle East escalate following Israel’s attack on Iranian nuclear infrastructure. Iranian state TV said that it has suspended nuclear weapons negotiations with the U.S. — the two sides had been set to talk on Sunday. Not long afterward, as headlines around Iranian missile attacks in Israel surfaced, losses in the stock market picked up steam. The Dow Jones Industrial Average dropped nearly 2%, leading to the downside, while both the S & P 500 and Nasdaq fell more than 1%. Meanwhile, oil prices spiked on the news, though the gains have moderated compared with where they were in overnight trading. Brent crude, the international benchmark, surged 7% to above $74 a barrel. U.S. oil benchmark West Texas Intermediate crude also popped 7%, trading close to $73 a barrel. As Investing Club Portfolio Analyst Zev Fima wrote earlier this afternoon , our approach right now is to sit on our hands and not make any dramatic moves to the portfolio. “So as we approach what could be a weekend packed full of fear-inducing geopolitical headlines, we have to do that most difficult of things: nothing,” he wrote. Medical shuffle: Club name Amazon is reorganizing its health-care business into six new units “with the goal of creating a simpler structure,” our CNBC colleagues Annie Palmer and Ashley Capoot reported Friday. Here are a few excerpts from their story, though we recommend reading it in full : “Our leadership team has been focused on simplifying our structure to move faster and continue to innovate effectively,” [Neil Lindsay, senior vice president of Amazon Health Services] said in a video chat. “One of the problems we’re trying to solve is the fragmented experience for patients and customers that’s common in healthcare.” …. Amazon declined to share financial figures for its health business, but Lindsay said it is seeing “very strong growth” across the offerings. As long-term investors in Amazon, we remain intrigued by its ambitions in the massive health-care industry, particularly using its logistics prowess on the prescription drug delivery side. The acquisition of One Medical, a primary care provider, also was a big deal — and at the company’s annual shareholder meeting in late May, CEO Andy Jassy said he was “very excited” about how its One Medical subscription is “continuing to grow.” But in general, health care does seem to have been a tougher nut to crack than perhaps some expected. That’s why Friday’s report caught our eye because it shows Amazon is looking for ways to make progress and not being complacent with its organizational structures. Still, as of now, it’s not a major needle-mover compared with the e-commerce, advertising and cloud-computing divisions. Meta’s move: The founder of Scale AI, Alexandr Wang, confirmed that he’s departing the startup to join Club name Meta Platforms , part of the Instagram parent’s bold move to stay on the leading edge of artificial intelligence. When we wrote Wednesday about Meta investing nearly $15 billion to take a 49% stake in Scale AI, we were under the impression that Wang would join Meta’s new “superintelligence” unit on top of his duties at the data-labeling startup. That is not the case. The new revelation underscores the aggressiveness of Meta CEO Mark Zuckerberg amid concerns that some of its AI technology was lagging in performance. Wang is well-known within the tech industry as a bright mind on AI — he founded Scale AI before he was 20 years old — and talent along with computing resources is very important in the AI race. Apple shipments: Rounding out these updates on Big Tech names, Reuters reported that 97% of the iPhones exported from India by manufacturer Foxconn went to the U.S. during the March-to-May period. That is a dramatic increase from the roughly 50% export rate in 2024, Reuters said, citing customs data. The reporting is a clear indication of Apple’s strategy to navigate President Donald Trump’s tariffs by relying less on China, which faces a much-higher duty rate than India. Up next: It’s a quite week of earnings within the portfolio, though Lennar and Darden Restaurants are set to report on Monday and Friday, carrying implications for Club names Home Depot and Texas Roadhouse , respectively. Jabil, La-Z-Boy, GMS, Smith and Wesson Brands, Kroger, Accenture, and CarMax also report. The Federal Reserve’s decision on interest rates and latest economic projections arrive on Wednesday. On the economic calendar, the latest numbers on retail sales and import/export prices are due out Tuesday morning, followed by initial jobless claims on Wednesday morning. Next Friday and into the weekend, the American Diabetes Associations’ Scientific Sessions takes place, and Club name Eli Lilly will be there with updates. (See here for a full list of the stocks in Jim Cramer’s Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.