In two years and eight months, Tesla's Shanghai factory production exceeded one million vehicles.
On August 15, Tesla CEO Elon Musk tweeted that the 1 millionth complete vehicle rolled off the line at Tesla's mega-factory in Shanghai, China. Tesla has produced over 3 million vehicles.
The news suggests that Tesla's Shanghai plant is producing a significant number of new vehicles after several years of investment, despite experiencing the effects of the epidemic and parts shortages. Tesla's shares are down nearly 25% in 2022 as investors have been reassessing the fast-growing company in the face of hyperinflation and macroeconomic concerns.
In addition, Tesla's deliveries have been on the rise since recent quarters. Tesla said back in July that the company delivered 254,695 vehicles in the second quarter, up 26.5 percent year-over-year.
At the same time, however, the milestone highlights that Tesla's production is still at a relatively small level compared to other auto giants. Toyota, for example, delivered more than 10 million vehicles in 2021 alone. Tesla said earlier this year that it plans to increase car deliveries by 50 percent annually.
At Tesla's shareholder meeting earlier this month, Musk said that Tesla's global production capacity is expected to reach 2 million vehicles this year. He also said that eventually Tesla will have 10-12 mega-factories around the world with a total capacity of 20 million vehicles.
In addition to the Shanghai plant, Tesla also produces cars at factories in Fremont, California, Austin, Texas and near Berlin, Germany.
Musk previously said the Fremont plant, the company's first, had produced 2 million cars and lamented that the Berlin and Austin plants were "melting pots of money" that lost "billions of dollars" because of supply chain and production problems.