(Reuters) -Tesla expects to book more than $350 million in costs in the second quarter for the mass layoffs it began last week, the automaker disclosed in a regulatory filing on Wednesday.
The electric vehicle maker also reiterated that it expects capital expenditure to exceed $10 billion in 2024 and to be between $8 billion to $10 billion in each of the following years.
The filing follows Tesla (NASDAQ:TSLA)’s earnings on Tuesday, when it said it will introduce “new models” by early 2025 using its current platforms and production lines, retreating from more ambitious plans to produce an all-new model that had been expected to cost $25,000.
Last week, an internal memo seen by Reuters showed that Tesla was laying off more than 10% of its global workforce, as it grapples with falling sales and an intensifying price war for EVs.
Source:reuters