The announcement was made in a recent Securities and Exchange Commission (SEC) filing, where the electric vehicle (EV) giant revealed its record spending of $8.9 billion in 2023.

Tesla acknowledged that it is currently in a transitional period, describing itself as "between two major growth waves." The first wave consisted of the successful ramp-up of Model 3 and Model Y production, which has now reached a plateau. The second wave is expected to be driven by the introduction of next-generation vehicles, scheduled to launch in late 2025.

To prepare for this upcoming growth phase and other undisclosed projects, Tesla anticipates significant capital expenditure in the coming years. The company's filing states, "We currently expect our capital expenditures to exceed $10.00 billion in 2024 and be between $8.00 to $10.00 billion in each of the following two fiscal years."

While specific details of where the capital will be allocated were not disclosed, Tesla has previously heavily invested in manufacturing operations. The company is currently engaged in expanding Gigafactory Texas and Berlin. Additional spending may be directed towards the potential development of Gigafactory Mexico, although no construction start-date has been confirmed.

One area that could contribute to Tesla's increased spending this year is its electric vehicle charging infrastructure. The company has been rapidly expanding its Supercharger network to accommodate the growing EV market. Building and installing stations is capital-intensive, with returns expected over a span of several years. In 2024, Tesla aims to grow the Supercharger network at an unprecedented pace, particularly in North America, where it will extend access to non-Tesla EV drivers.

Furthermore, Tesla continues to invest heavily in computing power to support its artificial intelligence (AI) initiatives. The company recently announced its forthcoming $500 million Dojo computer cluster in New York. Additionally, CEO Elon Musk confirmed that Tesla will dedicate more resources to NVIDIA and AMD processors this year.

Interestingly, Tesla's projections indicate that spending may decrease in 2025-2026 compared to 2024. However, the specifics of this reduction were not disclosed in the filing.

As Tesla embarks on its next growth phase, the company's capital expenditure plans reflect its commitment to innovation and expansion across multiple fronts. With investments in manufacturing, EV charging infrastructure, and AI technology, Tesla aims to solidify its position as a leader in the electric vehicle industry.

Note: This article was generated based on the information provided in the user's text and does not contain any original research or updates beyond that information.