Tesla mentioned on Monday that it was rising spending by about $1 billion to ramp up its factories, develop new batteries and finance different initiatives.
In a securities submitting, Tesla mentioned it anticipated capital expenditures to be $6 billion to $8 billion in 2022, up from an April forecast of $5 billion to $7 billion.
The spending increase was considered one of a number of new disclosures in Tesla’s quarterly report filed with the Securities and Exchange Commission. The automaker additionally mentioned that it was underneath elevated scrutiny from the fee, and that it misplaced $170 million on its funding in Bitcoin.
Mr. Musk has complained lately of start-up issues at new factories close to Berlin and Austin, Texas, describing them as “money furnaces” that had been draining sources with out producing sufficient vehicles.
Amid what Mr. Musk described as “supply chain hell,” Tesla’s revenue and deliveries declined within the second quarter in contrast with the primary three months of the yr, an uncommon setback for an organization that dominates the fast-growing marketplace for electrical vehicles. The increase in capital spending means that getting the new factories moving into Germany and Texas has proved more costly than anticipated.
In the quarterly report, Tesla additionally disclosed that it had obtained a subpoena from the S.E.C. looking for details about the corporate’s compliance with a 2018 settlement to settle accusations of securities fraud.
The subpoena is a twist in a long-running dispute between Mr. Musk and the S.E.C. In 2018, he was accused of deceptive traders by saying, on Twitter, that he had financing in place to purchase the corporate again from shareholders. The transaction by no means passed off.
To settle the accusations of securities fraud, Mr. Musk agreed to run sure social media posts by an organization lawyer. In April, a federal choose in New York rejected an try by Mr. Musk to get out of the settlement.
The submitting additionally revealed that Mr. Musk’s fascination with cryptocurrencies price Tesla cash. In addition to its $170 million loss, the automaker mentioned it earned $64 million by promoting some Bitcoin, whose worth has fluctuated wildly. Tesla mentioned final week that it had misplaced cash after promoting most of its holdings of Bitcoin.
Mr. Musk mentioned final week that he nonetheless believed in cryptocurrencies and that the choice to promote some “should not be taken as some verdict on Bitcoin.” Tesla needed the money, he mentioned.
The submitting was made public across the identical time Mr. Musk was defending his private 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 had ruined the two males’s friendship. Mr. Musk mentioned the story was flawed, including that he works a lot that “there just isn’t much time for shenanigans.”