'Compare Tesla’s capital expenditure in the last six months of 2024 to its valuation of the assets that money was spent on, and $1.4bn appears to have gone astray.
... A closer look at Tesla’s cash flow statement may also prompt investors to ask other questions, such as why a business with a $37bn cash pile raised $6bn of new debt last year?
https://www.ft.com/content/62df8d8d-31f2-445e-bfa2-c171ac43db6e