Tesla Announces Over $500 Million Investment For Supercharger Network Expansion

New Delhi: CEO of Tesla, Elon Musk has announced that the company will invest over 500 million dollars in its Supercharger network to expand its infrastructure. This investment aims to create thousands of new charging stations in 2024. "Tesla will spend well over $500 million expanding our Supercharger network to create thousands of new chargers this year," Musk stated in a post on X.

Musk clarified that the 500 million dollars investment in the Supercharger network covers only new locations and expansion, excluding the operation costs. This announcement follows an email tesla sent to its Australian customers addressing concerns about Supercharging service quality which arose after recent layoffs at the company. "That’s just on new sites and expansions, not counting operations costs, which are much higher," said the tech billionaire. (Also Read: Bank of India Offers Rakshak Salary, Pension Scheme: Coverage Upto Rs 1.5 Cr For Personal Accidental Insurance --Check Other Details)

Just to reiterate: Tesla will spend well over $500M expanding our Supercharger network to create thousands of NEW chargers this year.

That’s just on new sites and expansions, not counting operations costs, which are much higher. — Elon Musk (@elonmusk) May 10, 2024

Tesla, in an email sent to Australian customers emphasised that the  "network will continue to be expanded” and that all ongoing construction of new Supercharger sites "will be completed and put into operation," as reported by electric-vehicles.com. This communication comes less than two weeks after Tesla laid off 100 of employees from its charging team. (Also Read: BPCL Declares Final Dividend And 1:1 Bonus Share Issue)

Musk has invited billionaire investor Warren Buffett to consider investing in Tesla as the electric vehicle company navigates a challenging market with a global slowdown in EV sales. Musk's invitation came as a response to a post suggesting that Buffett should sell all his shares in Apple and invest in Tesla instead. Musk commented that this would be an "obvious move" for the Berkshire Hathaway owner.