Where is Tesla spending all this capex? A perspective in a single slide.
Tesla increased its capex guidance a couple of weeks ago, which resulted in a lot of questions from investors. We took the opportunity to review all what we knew of the capital cost of doing business for Tesla. We wrapped up our work with a simple yet powerful capex model, linking over the years capital spending to manufacturing site creation and capacity additions across autos, batteries, stationary storage, and the super-charging network. The analysis confirms Tesla’s exceptional capital efficiency and growth ambitions.Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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