Tesla raises spending plan as it looks to boost production

Tesla Inc said on Tuesday it expects capital expenditure to increase next year as the Elon Musk-led electric-vehicle maker ramps up production of its new battery cell and the Semi heavy-duty truck.The company expects to spend between $7 billion and $9 billion in 2024 and 2025, compared with $6.00 billion to $8.00 billion this year, it said in a regulatory filing.Last year, the company said it expected to invest $6 billion to $8 billion in 2023 and 2024.

Tesla expects to spend $3.6 billion on the Nevada plant expansion and comes as it aims to produce 50,000 Semi-electric trucks in 2024.

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