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Tesla To Expand Supercharger Network Tesla (TSLA) plans to spend more than $500 million U.S. expanding its network of superchargers.
Tesla chief executive officer (CEO) Elon Musk said on social media that Tesla plans to create“thousands of NEW chargers this year. That's just on new sites and expansions, not counting operations costs, which are much higher.”
Musk took to social media after media reports claimed that Tesla recently cut its entire supercharging team of about 500 people as part of wider layoffs at the company that involve 14,000 employees.
Tesla currently operates the largest network of fast-charging electric vehicle chargers in the world, with some six million Tesla owners paying to recharge their cars when away from home.
The announcement by Musk on social media seems to indicate that Tesla has no plans to scale back its network of supercharger stations as was previously reported.
New of the charger network's expansion comes days after the U.S. Justice Department opened an investigation into Tesla's marketing of its driver-assistance systems that have been blamed for multiple crashes of the company's vehicles.
The stock of Tesla is down 30% so far this year and one of the worst performers in the benchmark S&P 500 index. The company's share price is currently at $171.97 U.S.
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