Tesla to Exceed $9 Billion in Capital Expenditure for 2023: Filing

The U.S. Justice Department has issued subpoenas to Tesla, seeking documents related to the company’s Autopilot and Full Self-Driving (FSD) features, among other issues. The information was disclosed by Tesla in a regulatory filing on Monday, reports Reuters.

The subpoenas include requests for documents “associated with personal benefits, related parties, vehicle range, and personnel decisions,” according to the filing. This development comes after Reuters reported in October 2022 that Tesla was under a criminal investigation by the Justice Department over claims that the company’s electric vehicles could drive themselves.

The National Highway Traffic Safety Administration (NHTSA) has been investigating Tesla’s Autopilot system for over two years, focusing on incidents where Tesla vehicles collided with stationary emergency vehicles.

The Wall Street Journal also reported in August that federal prosecutors were examining Tesla’s vehicle performance claims and the company’s use of funds for a secret project described as a house for CEO Elon Musk.

In the same regulatory filing, Tesla indicated that its capital expenditure for 2023 would surpass the previously stated target of $7 billion to $9 billion. The increased spending is attributed to ramping up production at its factories and the introduction of new models. However, the company expects to return to the $7-billion to $9-billion range in subsequent years.

Last week, Elon Musk expressed hesitancy about Tesla’s plans for a factory in Mexico, citing a turbulent economic outlook. He warned that rising interest rates could impact Tesla’s demand, in addition to a price war that has been affecting the company’s margins.