Tesla announces that it completed building its 4 millionth electric car. It shows the company’s increasing pace of rate of production. Almost after 12 years of operation to building its first million electric vehicles in early 2020, now it announced its 4 millionth vehicle.
Now just a few years later, Tesla has repeated the achievement several times as it managed to ramp up electric vehicle production better than any automaker to date. At its Investor Day event yesterday, Tesla announced that it has now produced its 4 millionth electric car, and it took the automaker only seven months from its 3 millionth milestone. The 4 millionth Tesla vehicle was produced at Gigafactory Texas in Austin. With new capacity being deployed at the factory and a Gigafactory in Berlin, Tesla is now able to produce about two million vehicles per year.
We produced our 4 millionth vehicle at Giga Texas today ✌ pic.twitter.com/YMxb4zX5WB
— Tesla (@Tesla) March 1, 2023
Tesla has a goal to ramp up to produce 20 million electric vehicles per year. It now has four Gigafactories in operation. It is also expanding Gigafactory Nevada to add Tesla Semi production at the location, and it recently announced Gigafactory Mexico. Last year, CEO Elon Musk said that he believes Tesla will need about 12 Gigafactories in order to achieve a capacity of 20 million vehicles per year.
Future production
The automaker is expected to announce more locations for new gigafactories soon since it takes a few years to bring each one to volume production and 2030 is coming fast. The automaker is expected to announce more locations for new gigafactories soon since it takes a few years to bring each one to volume production and 2030 is coming fast.
Tesla’s Investor Day event on Wednesday evening has Morgan Stanley analysts questioning how competitors will be able to keep up with the electric automaker. The event, which outlined Tesla’s long-term plans for global scalability and expansion, was met with mixed reviews. However, the big-picture mission of the company, which was the true intention of the event, has made it overwhelmingly clear to Adam Jonas and other Morgan Stanley analysts that when Tesla starts to see real movement on its long-term goals, legacy automakers and EV startups alike may begin to lag behind even more than they already are. “We leave the investor day at Giga Austin asking which of Tesla’s competitors can keep up with the planned spending of upward of $170 bn for the build-out of their manufacturing base for EVs and stationary storage,” Jonas writes. “We expect to see most, if not all, of today’s legacy auto company executive teams study the materials presented today…Over time, we would expect the forthcoming innovations brought to market by Tesla [to] become the industry standard, ultimately used by all automakers.”
