Tesla expects to spend more than double its 2016 figure this year, after burning through a record amount in its second quarter as it ramps up production of its most "affordable" electric car to date.

Capital expenditure at the company, led by the billionaire entrepreneur Elon Musk, came in at $959m (£725m) in the three months the June, taking overall capex for the first half to $1.5bn.

Tesla has recently been investing to expand its electric charging network and its production facilities after last week unveiling the first "affordable" Tesla, the Model 3, which starts at $35,000. UK pricing has not been revealed but is expected to be slightly higher.

Tesla said net reservations for the sedan stood at more than half a million, with an average of over 1,800 orders a day.

It started production on the Model 3 vehicles on schedule in July. The stripped-down $35,000 versions of the Model 3 will be available in November.