ALBAWABA - Tesla has raised its capital expenditure forecast for 2023 in the wake of the company's plans to hike production.
The firm, headed by billionaire Elon Musk, said in a statement that it expects to spend between $7 billion to $9 billion in 2023, which is higher than its previous estimate of $6 billion to $8 billion.
Despite the increased forecast, Tesla's stock recorded its lowest closing in three months, with its market value reaching $77 billion.
In a statement to CNBC last week, Cathie Wood of Ark, which bought $42 million worth of Tesla shares this month, said that the electric vehicle's stock could potentially surge by more than 1,100 percent to $2,000 by 2027.
