Tesla said Monday it is increasing spending by about $1 billion to ramp up its factories, develop new batteries and fund other projects.
In a securities filing, Tesla said it expects capital expenditures to be between $6 billion and $8 billion in 2022, up from an April forecast of $5 billion to $7 billion.
The cost increase was one of several new disclosures in Tesla’s quarterly report filed with the Securities and Exchange Commission. The automaker also said it was under scrutiny from the commission and that it lost $170 million on its bitcoin investment.
mr. Musk recently complained about the problems starting new factories near Berlin and Austin, Texas, describing them as “money ovens” that drain resources by not producing enough cars.
Against this backdrop, Mr. Musk called it “supply chain hell.” Tesla profits and deliveries declined in the second quarter from the first three months of the year, an unusual drop for a company that dominates the fast-growing electric vehicle market. The increase in capital expenditures suggests that starting up new plants in Germany and Texas has been more expensive than expected.
In a quarterly report, Tesla also said it received a subpoena from the SEC asking for information about the company’s compliance with a 2018 settlement of securities fraud charges.
Subpoena is a twist in a longstanding dispute between Mr. Musk and the SEC In 2018, he was accused of misleading investors by claiming on Twitter that he had funding to buy the company from shareholders. The deal never took place.
To clear the securities fraud charges, Mr. Musk agreed to host certain social media posts with the help of a company lawyer. In April, a federal judge in New York rejected try mr. Musk withdraws from the agreement.
The materials also revealed that Mr. Musk’s fascination with cryptocurrencies cost Tesla money. In addition to its $170 million loss, the automaker said it made $64 million by selling some bitcoin that fluctuated in value. Tesla said last week that it lost money after selling most of its bitcoin holdings.
mr. Musk said last week that he still believes in cryptocurrencies and that the decision to sell some of them “should not be taken as a condemnation of bitcoin.” According to him, Tesla wanted to get cash.
The application was made public around the same time that M. Musk defended his personal behavior on Twitter. Wall Street Magazine it was reported that the CEO had an affair with the wife of Google co-founder Sergey Brin, which destroyed the friendship of the two men. mr. Musk said the story was wrong, adding that he works so hard that “there’s just no time for shenanigans.”