Tesla Needs 5-Fold Increase In Investment To Meet Long-Term Goals, Says CFO

Tesla Inc. TSLA will need a total investment of $150 to $175 billion to achieve its long-term goals, said the company’s Chief Financial Officer, or CFO, during the Investor Day presentation on Wednesday.

What Happened: Zach Kirkhorn, the CFO, said the Elon Musk-led company could need $150 billion more to achieve its long-term goals, which include selling 20 million vehicles a year. So far, Tesla has spent just around $28 billion.

See Also: Everything You Need to Know About Tesla Stock

Though the amount may seem huge, it is still small in comparison to Tesla’s aspirations, Kirkhorn said. Apart from upscaling annual vehicle production to about 20 million, the company’s long-term goals include raising annual energy storage production to one Terawatt-hour among others. Tesla further seeks to expand its battery cell production, along with more service and charging facilities.

Tesla would also need roughly a dozen factories to meet its sales goal, said Musk.

During the same event, the EV maker also announced entry into Mexico with its new Gigafactory at Monterrey. However, Tesla did not provide details on the cost of the plant. The factory would focus on manufacturing the EV maker’s next-gen vehicle.

Tesla also announced a new unlimited overnight home charging program for $30 per month.

Price Action: Tesla shares fell 5.6% in extended trading after it closed at $202.77 on Wednesday, according to Benzinga Pro data.

Read Next: Cybertruck Prototype With New Steering Wheel On View In Up-Close Video