Tesla reported an increase in capital costs and losses of $170 million from Bitcoin investments

Tesla reported an increase in capital costs and losses of $170 million from Bitcoin investments

Ilon Mask recently compared Tesla's new enterprises in Berlin and Texas to the "Gigant Combustion Creams", so the company's decision to increase capital spending for this year by an average of $1 billion is not surprising. Tesla's fresh reporting also indicates that the company lost $170 million in six months in cryptivate operations, but it still has $222 million in digital assets.

As recently reported, Tesla sold 75% of the bitcoin she had for $936 million, receiving $64 million in profits. In total, the company lost at least $170 million in the first half of the year, according to Tesla's report. According to the same source, the company had a total of $222 million worth of digital assets in its hands as at 30 June.

According to Reuters, Tesla has notified regulators of its intention to increase its capital spending this year by $1 billion relative to the previous range of $5 billion to $7 billion. In fact, the company is willing to spend $6 billion to $8 billion on expanding its production capacity, and the same amount will continue to be allocated in the next two years.