Tesla (TSLA) released its fourth-quarter earnings yesterday, Jan. 29. The company missed both the top-line and bottom-line estimates in the quarter, and the commentary on its short-term outlook wasn’t particularly convincing.

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Tesla expects capital expenditure to exceed $11 billion this year and in each of the following two fiscal years, the elctric automaker said in a filing on Thursday. The company had said in October it expected spending to be between $8 billion and $10 billion in 2026.