Tesla has built 3 million EVs, including 1 million in China

Tesla just crossed a major production milestone.

Yesterday, CEO Elon Musk tweeted:

Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3M.

Musk recently shared that Tesla’s Fremont factory had just produced its two millionth car in July.

Tesla’s march to 3 million vehicles produced all-time from its two main factories coincides with the beginning of the company’s ambitious growth plans.

In its Q2 shareholder letter, Tesla updated its installed annual capacity, or theoretical max production.

Tesla said Fremont production capacity expanded to 650,000 vehicles from 600,000 last quarter, and Giga Shanghai’s capacity grew to 750,000 from 450,000.

Meanwhile at new factories located in Austin and Berlin Tesla now claimed each factory has an installed capacity for 250,000 vehicles.

Tesla has also stuck by its 50% CAGR (compound annual growth rate) target for annual deliveries, meaning the company will have to deliver around 1.4 to 1.5 million vehicles this year to hit that target.

Looking ahead to 2023, if Tesla maintains its 50% CAGR target it will need to produce 2.1 million to 2.2 million vehicles, which is theoretically possible but would mean all factories working at optimal production, with minimal periods of downtime.

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