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Tesla Inc. expects its capital expenditures for this year to exceed $9 billion, the company said in its 10-Q filing Monday.
The electric-vehicle company had said in its prior 10-Q that it was targeting $7 billion to $9 billion in capital expenditures for the year and in each of the next two fiscal years. Tesla
TSLA,
continues to expect capex of $7 billion to $9 billion for the next two years.
“Our business has been consistently generating cash flow from operations in excess of our level of capital spend, and with better working capital management resulting in shorter days sales outstanding than days payable outstanding, our sales growth is also generally facilitating positive cash generation,” Tesla said in the latest filing, using similar language to what it said in a past iteration of the statement.
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Tesla’s management expects the company’s “ability to be self-funding to continue as long as macroeconomic factors support current trends in our sales,” in line with what the company disclosed in the prior 10-Q.
The company continued to note that it is “likely to see heightened levels of capital expenditures during certain periods depending on the specific pace of our capital-intensive projects and other potential variables such as rising material prices and increases in supply chain and labor expenses resulting from changes in global trade conditions and labor availability.”
Shares of Tesla were off about 1% in premarket trading Monday.
The company reported third-quarter results last week, coming up short on profit and automotive gross margins.
Read: Tesla’s stock falls after earnings. Is Wall Street missing the big picture?
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