Elon Musk, CEO of Tesla Inc. (TSLA  ), has announced plans to invest over $500 million in expanding the company's Supercharger network this year.

What Happened: Musk, in a post on Friday, reiterated Tesla's commitment to expanding its Supercharger network despite recent layoffs and a shift in strategy.

"Just to reiterate: Tesla will spend well over $500M expanding our Supercharger network to create thousands of NEW chargers this year. That's just on new sites and expansions, not counting operations costs, which are much higher," Musk wrote.

Why It Matters: This announcement comes in the wake of Musk's earlier statement that the Supercharger network would continue to grow, albeit at a slower pace for new locations, following the departure of its head, Rebecca Tinucci.

Tesla has been in the news recently for a series of layoffs across various divisions, including the Supercharger networks and advertising. The latest round of layoffs was completed over the weekend.

Amid these developments, BP (BP  ) has expressed interest in acquiring Tesla's Supercharging stations and plans to spend $1 billion by 2030 to install more than 3,000 charging locations across the U.S.

Price Action: On Thursday, Tesla's stock closed at $171.97, marking a decline of 1.57% from the previous close, according to Benzinga Pro.