- Elon Musk’s vision to enter a supported Utopia Timing Robotaxis and the human robot of the company, Optimus, will take great money. Tesla spent $ 6.3 billion in Capex during the second half of last year, but the total value of the company’s relevant assets increased only by $ 4.9 billion. These numbers should be determined for local companies without any sales or disability in the main assets, but other factors can play in Tesla.
Tesla is made Black stakes On artificial intelligence, however Investors You may have a reason to ask where the money is going. If you leave an unspeakable, a variation of $ 1.4 billion is between the company Capital expenses And evaluation of the assets on which the money was spent first I mentioned by Financial timesIt can raise concerns about the internal controls in the ELON Musk electric vehicle giant.
However, many accounting experts say that there are reasonable justifications for contrast that may not appear on Tesla Financial data. Tim Morrison, a professor of accounting at Notry Dame and former Auditing partner at Ernst & Young, said you expect to add relevant numbers to a local company without sales or significant assets. Tesla, of course, He sells Cars around the world and have it Factories On three continents. PWC has review Tesla Financial Data since 2005.
“If they have incorrect numbers, then this will be a red sign of controls,” said Morrison, who was working primarily with multinational manufacturing companies and leading internal inspections to assess the quality of scrutiny in multinational manufacturing companies. Ey.
This is not the first time Accounting practices Garrett Nelson, Vice President and stock analyst was interrogated at CFRA Research.
“We will have to see whether PWC or the company is providing clarification,” he wrote in an email to luck.
Tesla and the four major company did not respond to the request luck To comment.
Tesla shares have lost nearly half of their value since its height after the elections near the $ 490 brand in December. The company threw approximately $ 750 billion in the maximum market amid lower sales and fears Mossk with the White House Donald Trump Hu Harmful The brand is distracted from his role as CEO of Tasla.
The stock rose on Friday, after keeping Musk in a comprehensive emergency interview With employees. The bossy investors We believe that Tesla will be more than just EV storage and battery storage, cited Seeing musk From the use of artificial intelligence to enter a utopia supported by Tesla Robotaxis and Humanoid Humanoid, Optimus.
The implementation of this plan is supposed to require a major investment. In the latest company’s profit call in January, CFO VAIBHAV TANEJA said that Tesla is worth $ 11.3 billion in the annual Capex – $ 2.4 billion in 2023 – it must remain fixed this year. He pointed out that the cumulative spending related to the artificial intelligence has just exceeded the sign of $ 5 billion.
“CAPEX’s efficiency is something we focus very much,” said Taniga. “While we invested in AI’s initiatives, we have done this in a very targeted way to use spending for immediate benefits.”
It represents a puzzle of $ 1.4 billion
This spending appears on the annual statement of cash flows as property purchases, factory and equipment, or PP & E. Chip surface For investors.
But the total value of the company’s PP & E, or its value before consumption, increased only $ 4.9 billion in that period. Again, for a local company, you expect these numbers.
Morrison stressed that there is any evidence of any evidence of any obstacles to its “long origins”, which Tesla expects to be used for more than a year.
Foreign currency Changes, however, can get rid of everything. Morrison explained that the euro is weakening for the dollar, as happened during the period concerned, as the assets were marked in the company’s facilities in Germany.
“You will not see (anywhere else on the financial statements,” he said.
while Financial times It seems that the aforementioned foreign currencies “are unlikely to explain the gap”, noting that four fifths of Tesla origin have long been in the United States, and Morrison said he could still explain a large piece.
He said: “Foreign currency can do a lot of strange things, and it is really difficult to follow it completely.”
Finally, he also indicated that Tesla could have been disposed of the origins that reached the end of her useful life, in which case it would be logical if it is no longer in books.
“If the origin is completely disposed of, the value of the original and the accumulated depreciation will be removed from the public budget.” clarification From the Companies Finance Institute.
In short, it may not have come for investors to adopt Alert About Tesla’s Capex yet. as Financial times Note that it may seem strange that Tesla felt the need to raise $ 3.9 billion in new debts last year, given that the company is sitting on a 36.5 billion dollar cash pile and not paying profits. However, this type of behavior may be reasonable for a banking company for future growth.
Despite the decline in the last shares, Tesla shares are still trading at a rate of 90 times the expected profits of the company in the next 12 months, according to S&P Cap IQ estimates. To put it moderate, the bulls Best ratification The fruits of musk investments will come greatly.
This story was originally shown on Fortune.com
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