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(Reuters) – Tesla Inc (NASDAQ:TSLA) 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.
Shares of the company were down 1.8% in premarket trading.
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.
The filing comes days after the company unveiled plans to expand its factory in Nevada.
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.
Tesla raises spending plan as it looks to boost production