On Monday, Tesla raised its capital expenditure forecast for 2023 and will continue to increase production in response to increasingly fierce market competition.
Tesla said in a quarterly regulatory filing that it now expects annual capital expenditures of $7-9 billion for 2023 and the next two years.
The company had forecast in January capital expenditures of $6-8 billion this year and $7-9 billion per year for the next two years. This is the second time that Tesla has raised its capital expenditure forecast in nine months.
The electric car maker has been working hard to boost sales, even with a low price strategy.
Tesla Chief Executive Elon Musk has previously stressed that the company is prioritising sales growth over profits amid a weakening economy.
