This increase in sales in 2022 means Tesla plans to push global production of its Model Y and Model 3 electric vehicles to build on growth in 2023.
According to a Reuters report, this is in line with Tesla’s new factories in Austin and Berlin increasing production.
Tesla’s production forecast, if met, would put the electric car maker on track to meet Elon Musk’s goals for production in the coming quarters, and put Tesla close to the scale of German luxury car maker BMW by the end of 2023.
Musk and Tesla have records of stretching targets that the companies don’t always meet. In April, for example, Musk said Tesla could achieve 60 percent growth in shipments. By July, the company had hit that target and was back at 50 percent for the year.
The ambitious goal comes despite supply chain risks, a slowing economy, increasing competition and falling Tesla order warranties. However, the forecast spans the next four consecutive quarters, setting an ambitious target of producing nearly 495,000 Model Ys and Model 3s in the fourth quarter of this year. The two models account for about 95 percent of Tesla’s output.
The production plan would see Tesla exceed projected growth in the global market for cars by 2023 with a production increase of more than 50 percent for the year.
Reuters confirmed global output targets for the Model Y and Model 3 with two sources familiar with the projections. They spoke on the condition that they would not be named as the estimates are private.
The Tesla expansion is very expensive. In late May, Musk said new plants in Texas and Germany were losing billions of dollars.
Tesla still dominates US EV market even though many models appear from other manufacturers
