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Oct 26, 2020

Tesla expects rising capex in next two years amid growth spurt

Tesla beats, reaffirms goal of 500,000 deliveries

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Tesla Inc. expects capital spending on new plants and equipment to reach the high end of a range from US$2.5 billion to US$3.5 billion in 2020, according to a regulatory filing.

The Palo Alto, California-based maker of electric cars also projects that spending could almost double in each of the next two years, rising to a range of US$4.5 billion to US$6 billion, it said in the quarterly filing disclosed Monday.

Tesla currently has one auto plant in Fremont, California, and a newer factory in Shanghai, China. The company has begun construction on new vehicle-assembly facilities in Berlin and Austin, Texas, with plans to begin delivering vehicles from both locations next year.

Tesla shares have risen more than 400 per cent this year. The stock pared a gain of as much as 1.2 per cent to trade up 0.5 per cent to US$42.57 as of 10:27 a.m. in New York.