Elon Musk says Tesla will spend

Tesla Inc. will spend “well over” $1 billion by the end of 2024 on building an in-house supercomputer known as Project Dojo.

In Tesla’s earnings call with analysts late Wednesday, Chief Executive Elon Musk said Dojo would be used to process data and video to improve the EV maker’s autonomous driving capabilities, with the goal of full autonomy.

According to a FactSet transcript, when asked about how much Tesla TSLA, -0.71% plans to spend on the project, Musk replied: “Through the end of next year, it’s well over $1 billion in Dojo and, yeah, so we’ve got a truly staggering amount of video data to do training on.”

Tesla CFO Zachary Kirkhorn added that the figure was split between R&D and capital spending, and had been previously taken into account in the company’s three-year guidance.

“We obviously need to train our neural net with data from millions of vehicles,” Musk said. “I mean, this has been proven over and over again. The more training data you have, the better the results.”