Tesla to Spend 'Well Over' $500 Million to Expand Supercharger Network, Musk Says
By Kimberley Kao
Tesla plans to spend more than $500 million to expand its electric-vehicle charging network this year, Chief Executive Elon Musk said, days after the carmaker laid off much of the team responsible for creating the largest EV charging network in the U.S.
In a post on his social media platform X on Friday, Musk said Tesla would spend "well over" a half billion dollars to expand the automaker's Supercharger network, including creating thousands of new chargers this year.
"That's just on new sites and expansions, not counting operations costs, which are much higher," Musk added.
The world's most-valuable automaker last week laid off much of its Supercharger team, after reporting in late April that first-quarter profit had sunk to its lowest level since 2021.
Musk said last week that Tesla still planned to grow its charging network, but at a slower pace for new locations and instead focusing more on the expansion of existing sites.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
May 10, 2024 05:04 ET (09:04 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now