Tesla $TSLA said it planned to spend between $7 billion in $9 billion in 2024.

Tesla $TSLA said it planned to spend between $7 billion in $9 billion in 2024.

Tesla detailed its capital expenditure plans for 2024 and beyond in a 10-K it released this morning.

Tesla has routinely revealed an increase in planned capital expenditures over the past few years, and 2024 seems to be no different. In a 10-K, which was released by Tesla this morning, it expects to spend at least $10 billion this year and between $8 billion and $10 billion in 2025 and 2026.

Tesla said that its near-term capex plans are difficult to predict because “the number and breadth of our core projects at any given time, and may further be impacted by uncertainties in future global market conditions.”

It also has projects in development, including the development of new vehicles, ramping products, manufacturing batteries, expansion of the Supercharger Network, and increased investments into AI and autonomy.

“…the pace of our capital spend may vary depending on overall priority among projects, the pace at which we meet milestones, production adjustments to and among our various products, increased capital efficiencies and the addition of new projects,” Tesla said in the filing.

It then revealed it would spend $10 billion, at least, this year.

About one year ago, in the company’s 10-K filing for 2022, Tesla said that it planned to spend between $6 billion and $8 billion, and 2024 was projected to be between $7 billion and $9 billion. That number has evidently increased due to the various projects that it is attempting to develop and complete.

Although Tesla plans to spend more money than ever this year, it has already warned of a growth rate that will be notably slower than 2023.

“Our company is currently between two major growth waves: the first one began with the global expansion of the Model 3/Y platform and the next one we believe will be initiated by the global expansion of the next-generation vehicle platform. In 2024, our vehicle volume growth rate may be notably lower than the growth rate achieved in 2023, as our teams work on the launch of the next-generation vehicle at Gigafactory Texas,” it said in its Q4 2023 Earnings Release.

The year could prove to be one of the most challenging in recent memory for Tesla. However, with its expansive spending plans and various projects in the pipeline, the company will continue to move forward, as long as it comes through in a timely fashion.

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