Elon Musk-led Tesla Inc TSLA said it had doubled the production of its Model Y cars at the EV maker’s Gigafactory in Berlin, Brandenburg this week.
What happened: Tesla Europe tweeted on Sunday that their German manufacturing unit built 4,000 units of Model Y in a week.
Tesla has been aiming to speed up production at Brandenburg since its onset.
In October last year, Tesla confirmed Model Y production had touched 2000 vehicles. The new numbers hint at a rapid ramp-up with production doubling in less than six months.
Last month, Brandenburg’s economic minister Joerg Steinbach said production would be sped up at the factory to reduce customer waiting times.
Despite attempts at accelerating production, Model Y has been unable to meet customer requirements with expected delivery dates being pushed. The Model Y is Tesla’s best-selling EV and became the most-sold car in all of Europe in November.
See also: Tesla Investor Ross Gerber Reconciles With Board Ahead Of Investor Day, Withdraws Nomination
Why It’s Important: Last week, it was reported that Tesla would focus its battery cell manufacturing in the U.S. despite assembling battery systems at the Brandenburg plant. This created concerns that the European plant will fall in significance for the U.S. EV maker.
Gigaberlin has a workforce of over 9,000 people, Reuters reported last month. However, the factory is still aimed at expanding the workforce at the plant, as per the Tesla website.
The factory is now more focused on the production of vehicles and scaled-down battery cell manufacturing.
Price Action: Tesla shares fell 2.6% to $196.88 on Friday, before losing 0.2% in extended trading, according to Benzinga Pro data.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
