Tesla announced a major milestone on Investor Day at Giga Texas, revealing it had produced its four millionth vehicle since beginning production in 2008. The announcement was made by Tesla China executive Tom Zhu, who revealed that the milestone car was a Model Y produced at Giga Texas. This news comes as no surprise as Tesla’s rate of production is accelerating due to the introduction of two new factories in the past year.
It took Tesla 12 years to build its first one million cars, but the launch of the Model 3 in 2018 shortened the time it took to reach two million cars to just 18 months. It then took another 11 months to reach three million cars, which it achieved in October 2022. Now, just seven months later, the company has produced another one million cars, bringing the total to four million.
See also: Tesla Produced 3 Million EVs since production began in 2008
We produced our 4 millionth vehicle at Giga Texas today ā pic.twitter.com/YMxb4zX5WB
— Tesla (@Tesla) March 1, 2023
This rapid production rate means that Tesla is currently producing around 1.7 million cars annually, which matches the installed capacity noted in its Q4 2022 shareholder deck. However, the company has no plans to maintain this rate and is aiming to produce 20 million cars per year by the end of the decade. To achieve this, Tesla would need approximately 12 Gigafactories around the world. Currently, it has four vehicle Gigafactories in Fremont, Texas, Berlin, and Shanghai.
See also: Tesla celebrates a milestone of 2 millionth EVs produced at The Fremont Factory
Given the several years it takes to announce a location, build it out, and start production, we should expect to see a number of new Gigafactories announced in the next few years. The next one could be announced any day, as it appears that Tesla has selected Mexico as the location for its newest facility. With Tesla’s continued success and growth, it seems that the company’s goal of producing 20 million cars per year is within reach.
