Tesla Inc‘s TSLA gigafactory in Shanghai has touched a new production milestone of 3 million cars, the EV giant said on Friday.
What Happened: Tesla made the announcement via social media platform X.
“Giga Shanghai achieves 3 million production milestone,” the company wrote with an adjoining image of the employees at the gigafactory in China celebrating the milestone with a red Tesla car in their midst.
Tesla’s gigafactory in Shanghai manufactures Model 3 and Model Y for sale in China as well as export to countries including the UK.
In September 2023, Tesla announced that the factory has touched a production milestone of 2 million EVs, meaning that the company has built a million vehicles at the factory in the nearly 13 months since.
The first vehicles rolled out of the factory in 2019. It took the company 33 months to scale production and produce its millionth vehicle.
Why It Matters: In the last quarter, Tesla made more vehicles globally than it delivered.
The company made 469,796 in the three months through the end of September, while it delivered just 462,890 units.
Last month, Tesla CEO Elon Musk also informed his followers on X that the company factory in Shanghai is running at maximum capacity. According to Tesla’s second-quarter shareholder report, the gigafactory in Shanghai has an annual vehicle production capacity of over 950,000 vehicles, implying a daily maximum capacity of about 2,603 vehicles.
Late last month, the company also said that it exported its one-millionth vehicle from the factory in China.
Read More:
Image Via Shutterstock
© 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.
