Tesla Goes Full Throttle At Giga Texas: Model Y Weekly Output Hits 5,000

Elon Musk-led Tesla Inc TSLA said on Tuesday that it touched a fresh milestone for Model Y vehicle production at its Gigafactory in Texas.

What Happened: Tesla achieved production of 5000 Model Y vehicles in a week in Austin, the company said on Twitter.

“Giga Texas achieves production of 5k Model Y/week,” Tesla tweeted with a 10-second video of the workforce celebrating at the factory.

Why It Matters: Production at the Gigafactory has jumped nearly 67% in less than five months. In December, Giga Texas touched 3000 Model Y builds in a week. Tesla announced that it built 4000 Model Ys in a week in April.

Texas is a manufacturing hub for the Model Y and the Cybertruck. The Cybertruck was first unveiled in 2019 and is expected to start production later this year.

The company's Berlin Gigafactory- focused on manufacturing Model Ys and battery cells- achieved a weekly production capacity of 5,000 vehicles in late March, drawing praise from CEO Elon Musk.

Price Action: Tesla closed Tuesday session down 1.5% to $69.15, according to Benzinga Pro data.

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