Tesla Inc TSLA is reportedly turbocharging its car sales target in Germany this year, as the Elon Musk-led electric vehicle maker aims to surpass other auto behemoths such as Volkswagen VWAGY and Toyota TM in the European country.
What Happened: "Our goal is to double sales every year, so we would be around 80,000 units by 2022," a Tesla Giga Berlin manager said, as reported by German publication Automobilwoche.
The EV leader sold 39,714 cars in Germany last year, as per Reuters, which reported on Tesla's new German plans earlier.
Tesla did not immediately reply to Benzinga's request for comment, as of the time of writing.
See Also: Cost Of Making A Tesla Down 57% From 2017: Senior Executive Outlines How This Happened
Why It Matters: Giga Berlin, which was opened in March this year, currently has a production rate of 1,000 Model Ys per week and the fresh target means Tesla has to bump up that figure by over 500.
The company's original aim was to churn out half a million EVs from the Brandenburg factory, which has been dogged with speed and quality issues since its commencement.
Tesla, meanwhile, has shortened delivery times for its best-selling models in China — its second-most important market outside the U.S. — as it looks to boost its overall profitability.
Giga Berlin and Giga Texas are expected to boost Tesla's annual output by one million cars.
Price Action: Tesla shares closed Friday's session down 0.13% at $303.35 before gaining nearly 0.2% in extended trading, according to Benzinga Pro data.
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