By Kimberley Kao

Tesla plans to spend more than $500 million to expand its electric-vehicle charging network this year, Chief Executive Elon Musk said, days after the carmaker laid off much of the team responsible for creating the largest EV charging network in the U.S.

In a post on his social media platform X on Friday, Musk said Tesla would spend "well over" a half billion dollars to expand the automaker's Supercharger network, including creating thousands of new chargers this year.

"That's just on new sites and expansions, not counting operations costs, which are much higher," Musk added.

The world's most-valuable automaker last week laid off much of its Supercharger team, after reporting in late April that first-quarter profit had sunk to its lowest level since 2021.

Musk said last week that Tesla still planned to grow its charging network, but at a slower pace for new locations and instead focusing more on the expansion of existing sites.

Write to Kimberley Kao at

(END) Dow Jones Newswires

05-10-24 0504ET