HomeTechnologyTesla Plans to Spend $500 Million on Charger Network Despite Layoffs

Tesla Plans to Spend $500 Million on Charger Network Despite Layoffs

Electric vehicle maker Tesla recently made a surprising move to lay off the majority of the team responsible for creating their electric-vehicle charging network known as Supercharger. This was interpreted as a sign that Tesla is slowing down on the Supercharger expansion, but that doesn’t seem to be the case.

In a post recently shared on X (former Twitter), Tesla’s CEO Elon Musk wrote that the company plans to spend $500 million on “expanding our Supercharger network” with plans to add thousands of new chargers in 2024.

Musk added that the $500 million will go towards “new sites and expansions” and doesn’t include operations costs, which are “much higher”.

In a recent interview, Musk talked about the Supercharger network and plans to slow down expansion to new locations. Instead, he said that Tesla plans to improve existing locations by adding more chargers.

Tesla’s Supercharger network was initially introduced in 2012 and has since grown to become the largest and most successful EV-charging network in the United States, with an estimated 2,300 stations. These high-speed chargers served as a major factor in the adoption of EVs, meaning that a slow expansion in the future could significantly influence the growth of the market for electric cars.

Chemical Giant DuPont Will Split in 3 Companies, Replace CEO Ed Breen

Chemical giant DuPont is heading towards some major changes. The company announced on Wednesday that it will be splitting into three separate companies while...

Zoom Tops Estimates, Raises Full-Year Forecast

Zoom Video Communications reported its earnings for the first quarter of 2024 on Monday and topped the estimates of Wall Street analysts. The communications...

Reddit Stock Jumps on the Back of Open AI Partnership

Social media platform Reddit announced earlier this week that it is partnering up with artificial intelligence start-up Open AI to improve the experience of...