Tesla Inc (NASDAQ:TSLA) expects its capital expenditure for this year to exceed $9 billion, above previous guidance, it said in a filing on Monday.
The electric vehicle maker had said in a prior filing that it was targeting $7 billion to $9 billion in capital expenditure for this year and in each of the next two fiscal years.
Tesla 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.
Elon Musk’s firm reported third-quarter results last week, which came up short on profit and automotive gross margins.
Shares in Tesla are down 0.8% ahead of the open.