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Tesla Boosts Capital Spending Plan, Reveals New SEC Subpoena (1)

July 25, 2022, 1:36 PM

Tesla Inc. increased its capital expenditure plan by billions of dollars after Chief Executive Officer Elon Musk referred to the carmaker’s new factories as “gigantic money furnaces.”

The revised plan was revealed Monday in a regulatory filing that also disclosed details of the electric-vehicle maker’s Bitcoin sales and another subpoena from securities regulators related to Musk’s 2018 tweet about taking Tesla private.

The company now expects $6 billion to $8 billion of capital expenditures this year and each of the next two years, according to its latest quarterly report. Tesla had previously estimated it would spend between ...