New filings show Tesla is planning an investment of roughly $717 million to add about 1.4 million square feet of space at its next public testing in India.
During tests on its recently completed first-quarter financial results, Tesla said they purchased roughly 150,000 pounds of new space-age batteries, with about 6,000 of those in India. Tesla said the new batteries will be used in the upcoming electric vehicle development tests.
Titanic’s initial investment suggests that the first-quarter financial results have not been well received by investors.
“We’re not going to be able to predict the future, we have to keep a close eye on the financial results in the future,” Titanic Capital Markets analyst, John R. Martin, told CNBC.
Also Read: Tesla’s second quarter earnings report
On March 22, Tesla, which is now working on a second-quarter financial statement, said it plans to invest $717 million in the first quarter of 2020.
Tesla’s initial investment is $21.1 million, based on its first-quarter financial results. That figure represents $717 million worth of new products sold.