Tesla to spend over $500 mil. to expand EV charging network

The chief executive officer of US electric vehicle firm Tesla, Elon Musk, says the company will spend more than 500 million dollars on expanding its fast-charger network.

On Friday, Musk posted on social media platform X, formerly known as Twitter, that Tesla will create thousands of new chargers this year.

Tesla has over 50,000 chargers around the world. In North America, more car makers, including Toyota Motor, have been adopting charging connectors compatible with Tesla's chargers.

But Tesla has been seeing vehicle sales drop amid competition from Chinese electric vehicle companies and declining demand for EVs.

Western media reported last week that Tesla laid off executives and staff of its quick-charger team.

Musk had indicated that the company would be setting up new charging stations at a slower pace. But in Friday's announcement, he reiterated that Tesla will continue to invest in expanding its charging network, which is essential for making EVs more popular.