A thread of companies that spent more on capex than in 2019:
(reminder, Tesla is supposedly currently disrupting the entire auto market, semitruck market, lithium battery market, solar market, and is the leader in FSD)
For reference, spent $1.33 billion on Capex in 2019 (via @stockrow1)
1. Ford
Ford spent $7.6 billion on capex in 2019. They are a direct competitor to Tesla
2. General Motors
GM spent $10.69 billion on capex in 2019. They are a direct competitor to Tesla
3. Caterpillar
Caterpillar spent $1.5 billion on capex in 2019. They sell construction equipment and have little-to-zero new initiatives
4. Target
Target spent $3 billion on capex in 2019.
5. CVS
CVS spent $2.5 billion on capex in 2019.
6. Pepsico
Pepsico spent $4 billion on capex in 2019. They sell soft drinks and potato chips
7. Proctor & Gamble
P&G spent $3 billion on capex in 2019. They sell consumer packaged goods.
8. 3M Company
3M spent $1.6 billion on capex in 2019. This is the company that makes post-it notes
9. Fedex
Fedex spent $5.4 billion on capex in 2019
10. GE
GE spent $2.4 billion on capex in 2019.
Why is this relevant?
Investors brag Tesla is disrupting every industry.
They also brag that the company is generating free cash flow.
Tesla's historical capex spend indicates those statements contradict each other and that one of them is not true
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