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1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsNo public evidence in the reporting establishes that Tesla lost or concealed $1.4 billion. The figure came from comparing two different measures for the second half of 2024: $6.3 billion of capital expenditures and a $4.9 billion increase in gross property, plant and equipment (PP&E). Fortune later reported that the Financial Times revised its initial framing after accounting for additional factors. A smaller apparent difference remained, but the available reporting does not provide a definitive, itemized reconciliation.
Where the $1.4 billion figure came from
Fortune reported that Tesla spent $6.3 billion on capital expenditures in the second half of 2024, while its gross PP&E rose by $4.9 billion over the same period. Subtracting the latter from the former produces the $1.4 billion headline figure. Fortune’s figures and account of the Financial Times update are in its report.
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That arithmetic identifies a difference between two reported figures; it does not show that $1.4 billion in cash went missing. Capital expenditures track spending, while gross PP&E is the recorded cost of assets on the balance sheet. Cash can be paid in a different period from when equipment is acquired or recognized, and the recorded asset balance can also change when assets are removed or translated into dollars from another currency.
What changed in the Financial Times’ revised account
As Fortune described the revision, the Financial Times considered additional accounting factors, including payments on equipment previously purchased on credit and asset disposals. The revised account put the remaining apparent difference at $463 million, rather than treating the original $1.4 billion as an unexplained gap.
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| Figure | What it represents | Qualification |
|---|---|---|
| $6.3 billion | Tesla’s reported second-half 2024 capital expenditures | Reported by Fortune from Tesla filings and an investor presentation. |
| $4.9 billion | Increase in gross PP&E during the second half of 2024 | Reported by Fortune. |
| $1.4 billion | Initial difference between capex and gross PP&E growth | An apparent difference, not evidence of missing cash; reported by Fortune. |
| $689 million | PP&E liabilities paid down during the period | Attributed by the revised Financial Times account as reported by Fortune; cash settlement can occur after an asset was acquired or recorded. |
| $270 million | Estimate associated with disposed assets | Reported by Fortune’s account of the Financial Times analysis; the estimate could be higher if assets close to full depreciation were included. |
| $463 million | Residual apparent difference in the revised account | Reported by Fortune; not a definitive, itemized reconciliation. |
Why capex and gross PP&E do not have to match
Payment timing for equipment bought on credit
A company may acquire equipment and recognize an asset before paying the supplier. Paying down that liability later affects cash spending in the later period without representing an asset newly added at that time. Fortune reported that the revised Financial Times account attributed $689 million to PP&E liabilities paid during the period.
Assets sold, retired or otherwise disposed of
Gross PP&E can fall when an asset is removed from the books, even though the spending that originally acquired it happened earlier. Fortune reported an estimated $270 million tied to disposals, based on changes in accumulated depreciation, and noted that the estimate could be larger if nearly fully depreciated assets were also disposed of.
Foreign-currency translation
Assets held outside the United States may be reported in dollars after translation from local currencies. Exchange-rate movements can therefore alter their dollar carrying values without an equivalent cash capital expenditure. Fortune quoted Tim Morrison, an accounting professor at Notre Dame and former EY audit partner, saying, “Foreign currency can do lots of weird things.” The report offered currency movements as a possible contributor to the residual, not as a quantified reconciliation.
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Fortune also described non-material asset write-offs as a possible factor in accounting for the residual. It did not assign them a definitive dollar value. The available reporting does not establish how much, if any, of the $463 million they explain.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the audit does—and does not—tell investors
Tesla’s 2025 Form 10-K includes PwC’s opinion that the company’s consolidated financial statements for 2025, 2024 and 2023 presented fairly, in all material respects, under U.S. GAAP. PwC also said internal control over financial reporting was effective in all material respects as of December 31, 2025. This is relevant general audit context, but it is not a public, line-by-line reconciliation of the second-half 2024 capex-to-PP&E comparison. See Tesla’s 2025 Form 10-K.
Tesla’s June 2026 Form 10-Q says its interim statements are unaudited and should be read together with its annual statements. It provides more current company context but does not resolve the specific 2024 comparison. See Tesla’s June 2026 Form 10-Q.
Quick Recap
What is established, and what remains open
- The $1.4 billion headline came from comparing reported capex with the increase in gross PP&E, not from a disclosed shortfall in cash.
- Fortune reported that the Financial Times revised its initial framing after considering additional factors, including credit payments and disposals, and described a $463 million residual apparent difference.
- Currency translation and non-material write-offs were proposed as possible residual factors, but the cited reporting does not give a definitive dollar-by-dollar reconciliation.
- The available reporting does not establish fraud or concealment. Morrison told Fortune that a claim of incorrect financial figures could not be made merely by looking at Tesla’s statements; he said incorrect numbers would raise a controls concern if established.
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