Seeking Alpha
2023-01-31 12:43:21

Tesla updates on capex spending, Autopilot probe and Bitcoin

Tesla ( NASDAQ: TSLA ) issued a SEC filing with various nuggets related to its Q4 earnings report and state of the business. The electric vehicle maker confirmed in the filing that it is cooperating with a Department of Justice investigation over Autopilot and its features. The automaker said it has received requests from the DOJ for documents related to Autopilot. Tesla said it cannot predict the outcome or impact of the investigation. On the financial front, Tesla ( TSLA ) forecasts capital expenditures of $6B to $8B this year vs. $7.5B consensus. TSLA reminded that it is simultaneously ramping new products, ramping manufacturing facilities on three continents and piloting the development and manufacture of new battery cell technologies, and warned the pace of capital spending may vary depending on overall priority among projects and other factors. Looking further ahead, capital expenditure spending of $7B to $9B is anticipated for 2024 and 2025. That all compares to capex spending of $7.16B in 2022 and $6.48B in 2021. "Sustained growth has allowed our business to generally fund itself, and we will continue investing in a number of capital-intensive projects in upcoming periods," noted Tesla. Tesla ( TSLA ) took a $204M Bitcoin ( BTC-USD ) impairment loss in 2022, while booking a $64M from converting some crypto to cash. Tesla ( TSLA ) originally invested $1.5B in Bitcoin in Q1 of 2021. Tesla ( TSLA ) said that as with any investment and consistent with how it manages fiat-based cash and cash-equivalent accounts, the company may increase or decrease holdings of digital assets at any time based on the needs of the business and the view of the market and environmental conditions. Dig further into the Tesla 10-K. Shares of Tesla ( TSLA ) slipped 0.95% premarket to Tuesday to $165.10. Read the latest breakkdowns on Tesla from Seeking Alpha authors.

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.