Tesla Inc. expects capital spending on new plants and equipment to reach the high end of a range from $ 2.5 billion to $ 3.5 billion in 2020, according to a regulatory filing.
The Palo Alto, Calif.-based maker of electric vehicles also projects that spending could almost double in each of the next two years, rising to a range of $ 4.5 billion to $ 6 billion, it said in the quarterly filing disclosed Monday.
Tesla currently has an auto assembly plant in Fremont, Calif., and a newer factory in Shanghai, China. The company has begun construction on new vehicle-assembly facilities in Berlin and Austin, Texas, with plans to begin delivering vehicles from both locations next year.
Tesla shares have risen more than 400 percent this year. The company’s shares were down a fraction to $ 417.83 in midday trading Monday.