Tesla Boasts Over 3 Million Produced Cars – Another Milestone

UTC by Ibukun Ogundare · 3 min read
Tesla Boasts Over 3 Million Produced Cars – Another Milestone
Photo: Depositphotos

Tesla has expanded and grown significantly over the years to produce a total of 3 million cars.

Electric vehicle (EV) giant Tesla (NASDAQ: TSLA) has now made more than 3 million cars after Gigafatory Shanghai made its millionth vehicle. The company’s CEO Elon Musk announced the landmark in a tweet, saying, ‘Congrats Giga Shanghai on making the millionth car! Total Teslas made now over 3M.”

There were reports on the massive number of cars that Tesla was about to ship from China sometime last week. The development corresponds to Musk’s ambition for the Gigafactory to be the company’s primary vehicle export hub. The Tesla CEO spoke about the milestone during the 2022 Cyber Roundup, its 2022 annual shareholder meeting. Specifically, the automaker produced 258,580 vehicles during Q2 and delivered 254,695. Tesla plans to reach a 2 million vehicle run rate by the end of 2022. Out of the 2 million target, the company has achieved a 1.5 million unit annualized run rate. Before reaching the 3 million produced cars achievement, Tesla Elon Musk had revealed some of the company’s plans.

“We’re aiming to achieve a 2 million vehicle run-rate by the end of the year… Thanks to the hardwork of the Tesla team, we’ve already been able to achieve a 1.5 million unit annualized run rate. And depending on how the rest of this year goes, I think we might get close to, or will get approximately at the 1.5 million mark, and will be exiting the year at a 2 million-unit run-rate.”

Tesla Reaches 3 Million Produced Cars Month After Reached 2 Million Milestone

It has indeed been a journey for the electric vehicle maker. Musk had some emotional moments during the shareholders’ meeting, especially when he recounted the past decade. Ten years ago, it was able to produce not more than 3,000 vehicles. Tesla has expanded and grown significantly over the years to produce a total of 3 million cars. What a milestone! The EV maker started with its first million landmark in March 2022 during the heat of the coronavirus pandemic. In July this year, the Fremont factory manufactured its 2 millionth car. Amazingly, Tesla, which has always tried to make its production efficient, has produced 1 million cars in a month to reach 3 million cars in total. Besides the Shanghai factory, Tesla has plants in Fremont, Austin, and near Berlin in Germany.

The stock of the EV maker is currently up 0.48% to $904.40 in after-hours trading, having closed up 4.68% to $900.09. Except for a 14.83% decline in its year-to-date performance, TSLA has been on the rise. The company has gained 31.18% in the last twelve months, 24.26% in the last three months, and 24.73% over the past month. In the last five days, Tesla stock has increased 3.31%.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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