Tesla Delivered Over 3 Lakh Electric Vehicles in First Quarter of 2022
2 years, 8 months ago

Tesla Delivered Over 3 Lakh Electric Vehicles in First Quarter of 2022

News 18  

Electric vehicle company Tesla delivered 310,048 vehicles in the first quarter of 2022, despite what CEO Elon Musk says was an “exceptionally difficult quarter”, citing global supply chain issues and a brief closure at Tesla’s Shanghai factory. Deliveries increased slightly from the previous quarter’s 308,600 deliveries and outpaced the 184,800 shipments Tesla made in the first quarter, representing a 68 percent year-over-year increase. Last month, Tesla shuttered its Shanghai factory for two days amid a spike in Covid-19 cases and closed the factory once again last week as Shanghai continues to grapple with a city-wide lockdown. Tesla recently opened its first European factory in Berlin, Germany, and is holding a “cyber rodeo” to celebrate the grand opening of its Austin, Texas Gigafactory on April 7, both of which could help offset production issues caused by the Covid-related lockdowns in Shanghai.

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History of this topic

Tesla's Q3 Results: A Strong Comeback for the EV Giant
Trending News
2 months ago

Tesla's Q3 Results: A Strong Comeback for the EV Giant

ABP News  

Tesla's Q3 net income rises 17% on strong sales, marking a turnaround for the company. The strong performance is attributed to robust electric vehicle (EV) sales, with the company projecting a 20-30% increase in sales for 2025. Tesla's cost-saving efforts have also contributed to the improved financial performance, with the gross profit margin reaching its highest level in a year.

Tesla boosted by China sales, Shanghai plant
2 months, 3 weeks ago

Tesla boosted by China sales, Shanghai plant

China Daily  

Potential car buyers seen at a Tesla showroom in Shanghai. China is becoming a crucial market for Tesla, with the American electric-vehicle maker offering incentives to boost sales there and its Shanghai factory recently exporting its millionth vehicle. "China, which accounts for one-third of Tesla's sales, is a major growth driver," said Scott Acheychek, chief operating officer of REX Financial, …

Tesla cancels factory plan in ASEAN
4 months, 1 week ago

Tesla cancels factory plan in ASEAN

China Daily  

Potential car buyers seen at a Tesla showroom in Shanghai. Quoting an anonymous official source, the Nation said last week that Tesla had pulled out the team overseeing the project late last year. While the ASEAN region has the potential for a vibrant EV market, it is currently dominated by Chinese companies have a strong grip on the sector and …

Tesla cancels factory plan in ASEAN
4 months, 1 week ago

Tesla cancels factory plan in ASEAN

China Daily  

Potential car buyers seen at a Tesla showroom in Shanghai. Quoting an anonymous official source, the Nation said last week that Tesla had pulled out the team overseeing the project late last year. While the ASEAN region has the potential for a vibrant EV market, it is currently dominated by Chinese companies have a strong grip on the sector and …

Tesla included into Chinese government purchase list
5 months, 2 weeks ago

Tesla included into Chinese government purchase list

China Daily  

Potential car buyers seen at a Tesla showroom in Shanghai. CHINA DAILY Tesla Inc has been included into a government procurement list of East China's Jiangsu province, which marked the United States electric vehicle giant's first time entry into a local government purchasing list in China. The move came at a time when Tesla proposed to test its robotaxi and …

Tesla shares rally over 10% as quarterly deliveries beat estimates
5 months, 3 weeks ago

Tesla shares rally over 10% as quarterly deliveries beat estimates

Hindustan Times  

Tesla's global sales fell for the second straight quarter despite price cuts and low-interest financing offers, another sign of weakening demand for the company's products and electric vehicles overall. For the first half of the year, Tesla sold 830,766 electric vehicles worldwide, handily beating China's BYD, which sold 726,153 EVs. Tesla also sold over 33,000 more vehicles during the second …

Tesla sales fall in Q2 despite price cuts
5 months, 3 weeks ago

Tesla sales fall in Q2 despite price cuts

Associated Press  

DETROIT — Tesla’s global sales fell for the second straight quarter despite price cuts and low-interest financing offers, another sign of weakening demand for the company’s products and electric vehicles overall. AP AUDIO: Tesla sales fall for second straight quarter despite price cuts, but decline not as bad as expected AP correspondent Tom Krisher reports Tesla sale numbers may be …

Tesla attempts to woo Chinese customers with free California factory tour as sales growth slows and competition rises
6 months, 3 weeks ago

Tesla attempts to woo Chinese customers with free California factory tour as sales growth slows and competition rises

Hindustan Times  

Tesla is offering its Chinese customers a chance to win a tour of its factory in Fremont, California, due to slowing sales and increasing competition. This came just a day after it said customers could win a free two-day, one-night trip for two to Gigafactory Shanghai if they took a test drive from any Tesla store in China before June …

Foreign carmakers continue to expand production in China
6 months, 3 weeks ago

Foreign carmakers continue to expand production in China

China Daily  

The groundbreaking ceremony of Tesla's mega factory in Shanghai, May 23, 2024. Many foreign automotive manufacturers have doubled down on their investments in China: Volkswagen AG established its largest R&D center outside Germany in China, focusing on the research of intelligent connected vehicles. Tesla's Shanghai mega factory has become the company's major export hub in the world, accounting for more …

China's new-energy sector draws interest of global investors
7 months ago

China's new-energy sector draws interest of global investors

China Daily  

Tesla showcases its charging piles and electric vehicles at the 2023 Consumer Technology and Innovation Show on May 30 in Shanghai. Experts said China's fast-growing green technologies and its thriving new-energy market have heightened the country's magnetism for foreign investors, particularly auto firms keen on turbocharging the electrification trend. "The influx of investments by international carmakers has shed light on …

Tesla secures major construction permit
7 months, 1 week ago

Tesla secures major construction permit

China Daily  

A view of a Tesla showroom in Shanghai. With its construction permit obtained on Monday, US electric vehicle maker Tesla's energy storage project in Lin-gang, eastern Shanghai — the first of its kind outside the United States — is expected to break ground this month and enter mass production in the first quarter of 2025. Covering some 200,000 square meters, …

Tesla secures major construction permit
7 months, 1 week ago

Tesla secures major construction permit

China Daily  

A view of a Tesla showroom in Shanghai. With its construction permit obtained on Monday, US electric vehicle maker Tesla's energy storage project in Lin-gang, eastern Shanghai — the first of its kind outside the United States — is expected to break ground this month and enter mass production in the first quarter of 2025. Covering some 200,000 square meters, …

Tesla clears hurdles in China's electric vehicle market
7 months, 2 weeks ago

Tesla clears hurdles in China's electric vehicle market

China Daily  

A Tesla logo is seen at a groundbreaking ceremony of Tesla Shanghai Gigafactory in Shanghai, China on Jan 7, 2019. For Tesla, "it's a good thing, because it's one more domino knocked down, in order for them to be able to potentially get the data from those cars out to America," Mark Rainford, an influencer in the automotive industry and …

Tesla’s China-made EV sales fall 18% year on year in April
7 months, 2 weeks ago

Tesla’s China-made EV sales fall 18% year on year in April

The Hindu  

U.S. automaker Tesla sold 62,167 China-made electric vehicles in April, down 18% from a year earlier, China Passenger Car Association data showed on May 7. China's new-energy vehicle sales including battery-powered EVs and plug-in hybrids were estimated to hit 8,00,000 units in April, up 33% on the year and a 2% drop from the month before, according to CPCA data. …

Tesla Announces Steep Employee Cuts Amid Revenue Drop
8 months ago

Tesla Announces Steep Employee Cuts Amid Revenue Drop

Huff Post  

LOADING ERROR LOADING Elon Musk’s Tesla announced Tuesday that it plans to lay off 6,020 employees in a massive round of cuts as the electric vehicle company weathers its biggest revenue drop in more than a decade. The notices became public the same day Tesla held its quarterly earnings call with investors, revealing a 9% drop in first-quarter revenue year-over-year …

Tesla cutting jobs worldwide, which includes leading markets
8 months ago

Tesla cutting jobs worldwide, which includes leading markets

China Daily  

Customers examine a Model Y at a Tesla store in Jinan, Shandong province, in March 2023. Tesla's global job cuts include reducing staff in the United States and China — the automaker's two biggest markets — across sales, tech and engineering, five sources briefed on the matter said. Two sources said members of Tesla's China sales team were notified they …

Tesla knocks $2,000 off prices for 3 EVs after shares crash 39% YTD on falling sales
8 months ago

Tesla knocks $2,000 off prices for 3 EVs after shares crash 39% YTD on falling sales

Live Mint  

Tesla knocked $2,000 off the prices of three of its five models in the United States late Friday, another sign of the challenges facing the electric vehicle maker led by billionaire Elon Musk. The company cut the prices of the Model Y, a small SUV which is Tesla's most popular model and the top-selling electric vehicle in the US, and …

Tesla cuts US prices for 3 of its electric vehicle models after a difficult week
8 months ago

Tesla cuts US prices for 3 of its electric vehicle models after a difficult week

Associated Press  

Tesla knocked $2,000 off the prices of three of its five models in the United States late Friday, another sign of the challenges facing the electric vehicle maker led by billionaire Elon Musk. The company cut the prices of the Model Y, a small SUV which is Tesla’s most popular model and the top-selling electric vehicle in the U.S., and …

Tesla planning to lay off over 10% of workforce amidst delivery dip
8 months, 1 week ago

Tesla planning to lay off over 10% of workforce amidst delivery dip

The Hindu  

Tesla plans to lay off over 10% of its workforce, or roughly 14,000 employees, according to a report by tech outlet Electrek. In a separate update, CEO Elon Musk, replied to a tweet on the departure of high level Tesla executives Drew Baglino, a former SVP of Powertrain and Energy, as well as Rohan Patel, who headed policy at Tesla, …

Tesla to cut more than 10% of global workforce
8 months, 1 week ago

Tesla to cut more than 10% of global workforce

China Daily  

Tesla, facing increasing competition and declining sales of its electric vehicles, said Monday that it would lay off more than 10 percent of its global workforce to cut costs. "As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity," Tesla CEO …

Tesla sales fall short of estimates in first drop since 2020
8 months, 3 weeks ago

Tesla sales fall short of estimates in first drop since 2020

LA Times  

Tesla sales fell short of estimates in the first three months of this year. Tesla Inc. suffered its first year-over-year sales drop since the early days of the COVID-19 pandemic. Wall Street had rapidly lowered projections for the Austin-based company’s deliveries as the first quarter came to a close, including some analysts who correctly predicted that the tally would come …

Detroit may be making the same mistake on EVs that it made with Japane
10 months ago

Detroit may be making the same mistake on EVs that it made with Japane

Live Mint  

Once upon a time, Japanese cars were seen as exotic vehicles that could never take on the might of Ford and General Motors. “Corolla, New Economy Car, Is Shown Here by Toyota," the New York Times yawned in a 1968 headline, introducing history’s best-selling automobile to the US market. With designers focused on large, powerful gas-guzzlers that earned better margins …

Tesla sold only one car in South Korea last month, issues with EVs made in China to blame
10 months, 2 weeks ago

Tesla sold only one car in South Korea last month, issues with EVs made in China to blame

Firstpost  

Tesla has encountered a massive setback in South Korea’s electric vehicle market as it managed to sell just one vehicle, a Model Y SUV, in January. Several factors have contributed to the sluggish demand for EVs in South Korea, including rising interest rates and inflation, which have prompted consumers to tighten their spending. Seasonal fluctuations in demand also play a …

Tesla loses over $82 billion, stock plunges 12% in a single day after ‘disastrous’ earnings call
10 months, 4 weeks ago

Tesla loses over $82 billion, stock plunges 12% in a single day after ‘disastrous’ earnings call

Firstpost  

The stock value of Tesla saw a significant dip of just over 12% on Thursday following remarks by CEO Elon Musk highlighting the challenges posed by Chinese electric-car manufacturers, whom he referred to as “the most competitive car companies in the world.” During Tesla’s earnings call on Wednesday, Musk praised Chinese carmakers such as BYD, Geely, and SAIC, emphasizing their …

Elon Musk’s Tesla loses $94 billion in market valuation as global EV market slows down
11 months, 1 week ago

Elon Musk’s Tesla loses $94 billion in market valuation as global EV market slows down

Firstpost  

Tesla, after a stellar 2023 where its shares more than doubled, is facing a rocky start to 2024, marking its worst beginning to any year in its history. Tesla’s market capitalization has taken its biggest hit since going public in 2010, with a 12% drop since the start of January, the largest in percentage terms since 2016. Despite Tesla’s recent …

Tesla slashes prices in China, struggling to keep a competitive edge in luxury EVs segment in booming market
11 months, 1 week ago

Tesla slashes prices in China, struggling to keep a competitive edge in luxury EVs segment in booming market

Firstpost  

Tesla has implemented price cuts of up to 6 per cent on its Shanghai-manufactured vehicles as it seeks to maintain its dominant position in the premium segment of the world’s largest electric vehicle market. These adjustments follow Tesla’s month-on-month sales growth of 15.7 per cent to 75,805 units in mainland China in December, according to data from the China Passenger …

Tesla vs BYD: BIG blow to Elon Musk as Chinese EV giant just overtook his dream project
11 months, 2 weeks ago

Tesla vs BYD: BIG blow to Elon Musk as Chinese EV giant just overtook his dream project

India TV News  

BYD vs Tesla: A less flashy Chinese electric vehicle maker is fast closing the gap with Tesla, the longtime, market-leading pioneer. The rise of BYD and other Chinese electric vehicle makers is a challenge not only for Tesla but also the world's major automakers as Chinese competitors push into Europe, Southeast Asia and other overseas markets with a relatively affordable …

China’s BYD is rivaling Tesla in size. Can it also match its global reach?
11 months, 2 weeks ago

China’s BYD is rivaling Tesla in size. Can it also match its global reach?

Associated Press  

BEIJING — A less flashy Chinese electric vehicle maker is fast closing the gap with Tesla, the longtime, market-leading pioneer. The rise of BYD and other Chinese electric vehicle makers is a challenge not only for Tesla but also the world’s major automakers as Chinese competitors push into Europe, Southeast Asia and other overseas markets with a relatively affordable option …

Price cuts boost Tesla’s 4Q sales, beating estimates as electric vehicle growth rate slows
11 months, 3 weeks ago

Price cuts boost Tesla’s 4Q sales, beating estimates as electric vehicle growth rate slows

Associated Press  

DETROIT — Steep price cuts helped electric vehicle maker Tesla Inc. increase its fourth-quarter vehicle sales by almost 20% as EV sales growth slowed across the industry. Full-year sales numbers fell far short of CEO Elon Musk’s prediction of 50% sales growth in most years. Industry analysts expect the price cuts to trim Tesla’s profit margins when it reports earnings …

Tesla to revamp Model Y SUV as early as next year
11 months, 3 weeks ago

Tesla to revamp Model Y SUV as early as next year

Live Mint  

-- Tesla Inc. is preparing to roll out a revamped version of its smash hit Model Y from its Shanghai plant, according to people familiar with the matter, as domestic rivals accelerate product launches amid heated competition. The US electric carmaker is currently conducting preparation work in China for its refreshed Model Y sport utility vehicle and mass production may …

Tesla moves forward with a plan to build an energy-storage battery factory in China
1 year ago

Tesla moves forward with a plan to build an energy-storage battery factory in China

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy American electric automaker Tesla's plans …

Tesla moves forward with a plan to build an energy-storage battery factory in China
1 year ago

Tesla moves forward with a plan to build an energy-storage battery factory in China

Associated Press  

BEIJING — American electric automaker Tesla’s plans to produce energy-storage batteries in China moved forward on Friday with a signing ceremony for the land acquisition for a new factory in Shanghai, China’s state media said. China is a major market and manufacturing center for Tesla, and the company’s CEO, Elon Musk, has built close ties with Chinese officials even as …

Tesla ready to open factory in India, but has this condition
1 year, 1 month ago

Tesla ready to open factory in India, but has this condition

Hindustan Times  

Tesla is ready to invest up to $2 billion to set up a factory in India if the government cuts import duty on its vehicles to 15% for the first two years of operations, the Economic Times reported on Friday. Prime Minister Narendra Modi met Tesla chief executive Elon Musk during a state visit to the US in June. The …

Chinese auto sales surged 10% year-on-year in October in fastest growth since May, exports up 50%
1 year, 1 month ago

Chinese auto sales surged 10% year-on-year in October in fastest growth since May, exports up 50%

Associated Press  

BEIJING — Sales of passenger cars rose 10.2% in October over a year earlier, an industry association said Wednesday, as makers ramped up promotions and customers opted for electric and hybrid vehicles. Sales of electric and hybrid vehicles climbed 37.5% from a year earlier, accounting for 767,000 of the 2.03 million vehicles sold in October, the China Passenger Car Association …

Tesla 3Q sales rise 27% but fall short of expectations due softening demand and factory downtime
1 year, 2 months ago

Tesla 3Q sales rise 27% but fall short of expectations due softening demand and factory downtime

Associated Press  

Tesla’s summertime deliveries of electric vehicles surged 27% from last year but still fell below analyst projections as Elon Musk’s car company navigated through softening customer demand as well as factory upgrades. As usual, Tesla’s sales consisted primarily of its Model 3 and Model Y vehicles, which have been made even more attractive by rounds of price cutting that have …

Tesla in Troubled Waters: Elon Musk’s EV company is struggling to sell its cars in China
1 year, 2 months ago

Tesla in Troubled Waters: Elon Musk’s EV company is struggling to sell its cars in China

Firstpost  

Elon Musk’s Tesla is struggling in China, the world’s largest EV market despite starting a price war that tried to undercut other local players. In September, the Beijing-headquartered premium EV maker delivered 36,060 vehicles, marking a 3.3 per cent increase from the previous month and an impressive 212.7 per cent year-on-year growth. During the third quarter, Li Auto shipped 105,108 …

China: Car Sales Witness Growth by 2 Percent in Aug 2023
1 year, 3 months ago

China: Car Sales Witness Growth by 2 Percent in Aug 2023

News 18  

China’s passenger vehicle sales returned to growth in August year-on-year, as deeper discounts and tax breaks for environmentally friendly and electric vehicles boosted consumer sentiment even as economic growth remains weak. Car sales jumped 2.2% in August from the same month a year ago to 1.94 million units, data from the China Passenger Car Association showed on Friday, the first …

Tesla to discuss India factory for Rs 20 lakh EV with commerce minister: Report
1 year, 4 months ago

Tesla to discuss India factory for Rs 20 lakh EV with commerce minister: Report

India Today  

Representatives from Tesla are set to meet with commerce minister Piyush Goyal to discuss a proposal to set up a factory in India for manufacturing its cheapest electric vehicle worth Rs 20 lakh, reported news agency Reuters. It's worth noting that EVs currently account for less than 2 per cent of total vehicle sales in India, despite the country being …

Elon Musk's Tesla begins layoffs of battery workers at China electric vehicle factory: Report
1 year, 5 months ago

Elon Musk's Tesla begins layoffs of battery workers at China electric vehicle factory: Report

Hindustan Times  

Tesla Inc. is laying off some electric-vehicle battery workers at its Shanghai plant, people familiar with the matter said, just as a bruising price war among manufacturers in China is showing signs of easing. The carmaker began notifying some employees on its battery assembly lines about the decision earlier this week, the people said, asking not to be identified because …

Tesla Inc. cuts battery production workforce in China: Report
1 year, 5 months ago

Tesla Inc. cuts battery production workforce in China: Report

Live Mint  

Tesla Inc. has reportedly initiated layoffs of a portion of its battery production workers at its Shanghai plant, according to individuals familiar with the situation. According to Bloomberg, Tesla Inc. has commenced the notification process for layoffs among employees working on the cell assembly lines of the initial phase of its factory in China's financial hub. Although Tesla sources batteries …

Elon Musk predicts Tesla self-driving cars 'later this year'
1 year, 5 months ago

Elon Musk predicts Tesla self-driving cars 'later this year'

The Hindu  

Electric car giant Tesla is set to realise fully autonomous vehicles "later this year", CEO Elon Musk said Thursday, in the billionaire's latest forecast for the long-anticipated milestone. "In terms of where Tesla is at this stage, I think we are very close to achieving full self-driving without human supervision," Musk said via video link at the opening ceremony of …

Elon Musk predicts Tesla self-driving cars may come ’later this year’
1 year, 5 months ago

Elon Musk predicts Tesla self-driving cars may come ’later this year’

Live Mint  

Elon Musk-owned electric car giant Tesla may finally develop a fully autonomous vehicles "later this year. "In terms of where Tesla is at this stage, I think we are very close to achieving full self-driving without human supervision," Elon Musk said via video link at the opening ceremony of an artificial intelligence conference in Shanghai. Electric vehicles make up a …

Will Tesla achieve full self-driving technology this year? Elon Musk says…
1 year, 5 months ago

Will Tesla achieve full self-driving technology this year? Elon Musk says…

Hindustan Times  

Electric car giant Tesla is set to realise fully autonomous vehicles "later this year", CEO Elon Musk said Thursday, in the billionaire's latest forecast for the long-anticipated milestone. An aerial view shows cars parked at the Tesla Fremont Factory in Fremont, California, "In terms of where Tesla is at this stage, I think we are very close to achieving full …

Tesla shares accelerate toward $300 on spike in deliveries and charging deal with major automakers
1 year, 5 months ago

Tesla shares accelerate toward $300 on spike in deliveries and charging deal with major automakers

Associated Press  

Tesla is roaring back from a dismal 2022 as company shares, which have already doubled this year, were driven higher Monday by a spike in second-quarter deliveries. Shares jumped 7% to a new high for 2023 after the electric car maker said its deliveries in the most recent quarter rose 83% compared with the same period last year. Shares were …

1 in Every 7 Cars Sold Now an EV, China's BYD Leaves Behind Tesla
1 year, 6 months ago

1 in Every 7 Cars Sold Now an EV, China's BYD Leaves Behind Tesla

News 18  

One in every 7 cars sold during the first quarter this year was an electric vehicle, dominated by China’s BYD at 21.1 percent market share while Tesla was at second spot, with 16 percent share, a report showed on Wednesday. “Tesla slashed prices for its models globally in January, following which other automotive brands announced similar cuts for their car …

China's Industry Minister Jin Zhuanglong, Tesla's Elon Musk meet, discuss electric cars
1 year, 6 months ago

China's Industry Minister Jin Zhuanglong, Tesla's Elon Musk meet, discuss electric cars

The Hindu  

China’s Industry Minister met Tesla Limited CEO Elon Musk on May 31 and the two discussed development of electric and “intelligent networked” vehicles, the Ministry said. Jin Zhuanglong and Elon Musk “exchanged views on the development of new energy vehicles and intelligent networked vehicles,” said a statement by the Ministry of Industry and Information Technology. On Tuesday, Foreign Minister Qin …

Tesla's Model Y Dominates China Market, Tops Global Sales in Q1
1 year, 6 months ago

Tesla's Model Y Dominates China Market, Tops Global Sales in Q1

News 18  

China was the biggest market for Tesla’s Model Y electric sport utility vehicles, helping it become the world’s top-selling vehicle in the first quarter of this year, according to data from market research firm JATO shared with Reuters. Tesla sold 267,171 Model Ys in the first quarter of this year, of which 94,469 were sold in China, higher than 83,664 …

Ford seen laying off 1,300 workers in China, local media reports
1 year, 7 months ago

Ford seen laying off 1,300 workers in China, local media reports

Live Mint  

Ford Motor Co. plans to cut jobs in China, potentially by more than 1,300, as its sales decline in the world’s biggest car market, local media including Economic Daily News reported. Ford’s wholesales in China fell below half a million units for the first time in a decade in 2022, continuing a slide since 2016, when the US automaker shipped …

Tesla recalls over 10 lakh cars in China over braking defect
1 year, 7 months ago

Tesla recalls over 10 lakh cars in China over braking defect

Hindustan Times  

Tesla Inc. will need to fix almost every car it’s ever sold in China due to an issue with the vehicles’ acceleration systems. Some 1.1 million electric cars that Tesla made at its Shanghai factory or imported into China between January 2019 and April this year will need to be sent an over-the-air software fix to rectify the issue, according …

Tesla raises 2023 spending forecast as it races to ramp up output
1 year, 7 months ago

Tesla raises 2023 spending forecast as it races to ramp up output

Live Mint  

Tesla Inc raised its capital expenditure forecast for 2023 on Monday as the automaker ramps up output at its factories to take advantage of the rising interest in electric vehicles. The company, led by Elon Musk, said in a filing that it expects to spend between $7 billion and $9 billion this year, higher than its previous outlook of $6 …

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