On Monday, Tesla Inc. increased its anticipated capital expenditures for 2023 as the automaker ramps up production at its plants to capitalise on the growing interest in electric automobiles.

In a filing, the Elon Musk-led business stated that it now anticipates spending between $7 billion and $9 billion this year, up from its previous forecast of $6 billion to $8 billion.

It maintained the $7 billion to $9 billion spending forecast for the following two years. Shares of Tesla fell 3.3% in early trading.

The most expensive automaker in the world has been aggressively increasing production as it strives to meet CEO Musk’s audacious target of selling 20 million electric vehicles by 2030 while prioritising sales growth over profit in a struggling economy.

If it succeeds, Tesla would grow to be twice as big as any automaker in history, controlling around 20% of the world’s auto market.

The business set aside $3.6 billion in January to develop out its Nevada gigafactory complex, where Tesla would mass produce its long-delayed Semi truck and construct a 4680 cell plant that will be able to generate enough batteries for 2 million light-duty vehicles every year.

As the EV powerhouse tries to increase its global output, the business is also increasing production at its factories in Austin and Berlin and has plans to build a gigafactory in Mexico.

The Tesla Model Y will be marketed in Canada this year, according to reports from earlier in the day. This is the first time Tesla will export vehicles to North America from China.

(Adapted from FoxBusiness.com)