Musk Reveals Tesla Progress

Musk Reveals Tesla Progress

The 3 millionth electric vehicle produced by Tesla was produced at its Gigafactory Shanghai in China. Elon Musk, CEO of Tesla, tweeted the achievement. To produce and export Tesla's best-selling automobiles, the Tesla China team has been working incredibly hard. During the Cyber Roundup, Elon Musk announced that Tesla has produced its three millionth vehicle. Tesla also targets a run rate of 2 million vehicles by the end of this year.

Tesla has already advanced past the halfway point. Elon Musk claimed that Tesla has an annualized run rate of 1.5 million automobiles and attributed the company's success to the hard work of its staff. Tesla produced its one millionth vehicle in March 2020, and in July 2022, the Fremont facility produced its two millionth vehicle. In less than a month, Tesla has already built its third millionth car, while Giga Shanghai just produced its one millionth car.

Musk's revelation signals that Tesla's Shanghai factory is producing a sizable number of new vehicles after launching in 2019 and subsequent years of investment. This announcement comes after months of lockdowns and component shortages in China that jeopardized Tesla's vehicle production.

July Numbers

Following recent increases in Tesla's reported deliveries, the best estimate of sales, Musk hailed the total number of vehicles on Sunday. Tesla reported in July that it delivered 254,695 vehicles in the second quarter, up 26.5% over the same period the previous year. But the achievement also shows how tiny Tesla is in comparison to industry heavyweights. For instance, Toyota alone delivered approximately 10 million automobiles in 2021. Earlier this year, Tesla announced plans to expand vehicle deliveries by 50% yearly.

Tesla stock is down about 25% in 2022 as a result of investors reevaluating rapidly expanding businesses in light of inflation and macroeconomic worries. In addition to being embroiled in legal proceedings over his attempts to revoke a $44 billion deal to acquire Twitter, Musk sold nearly 7 million Tesla shares last week, valued at approximately $6.88 billion.

Low Stock

Musk complained that Tesla's Berlin and Austin factories were "money furnaces" that were losing "billions of dollars" as a result of supply chain and production problems in June, saying he wanted to "get the Shanghai plant back in the saddle." According to the company's Online Design Studio, all 2022 units of the Tesla Model 3 Long Range version have been sold out.

Tesla Model 3 Long Range 2022

Each trim level's delivery schedule for the Model 3 is updated on its webpage on Tesla's website. The Model 3 Long Range trim level won't be available until 2023, but the Rear-Wheel Drive and Performance versions are still available, with deliveries planned for October through December. Elon Musk, the CEO of Tesla, claimed that the vehicle is in high demand and that there is a lengthy waiting for this particular configuration.

For many years, Tesla has struggled with supply and demand concerns, which has only strengthened Musk's belief that Tesla has a supply problem, not a demand problem. Long order lists for the Model 3 and Model Y, the company's two mass-market vehicles, have been a problem for the automaker. Two new production facilities that have been added in Austin, Texas, and Brandenburg, Germany, are assisting in addressing Tesla's global production challenges. When both factories are operating at full capacity, Tesla's production footprint will increase by a further million units.

It is a widespread issue and Tesla is not the only company with supply problems. Even though the company has had difficulty meeting the demand for its automobiles, it has done a better job than others at being resilient in the face of challenging market conditions. Over 238,500 of the over 254,000 electric vehicles shipped by Tesla in Q2 were either Model 3 or Model Ys.