Elon Musk said that Tesla Inc. has produced more than 3 million vehicles, and a third of them have been built in China.
On Sunday, the Tesla chief executive congratulated the company s Shanghai gigafactory in a tweet: Congrats Giga Shanghai on making millionth car! The milestone came just a few weeks after Musk said Tesla's factory in Fremont, Calif. produced its 2 millionth vehicle. In June Musk referred to them as money furnaces, Tesla also has new factories in Austin, Texas and Berlin. The Shanghai factory was opened in 2018 but has been plagued by temporary shutdowns due to COVID 19 restrictions and parts shortages. In July, Tesla said it delivered more than 255,000 vehicles in the second quarter, a decline of 18% from the previous quarter. The electric-auto maker beat Wall Street's expectations in its second-quarter earnings, defying projections that Shanghai shutdowns would hurt its bottom line. When earnings were released, Musk said that the company had been in supply-chain hell for several years but barring a surprise, we have the potential for a record-breaking second half of the year. The report said the Shanghai factory had reached the highest vehicle production month in history in June. Tesla shares TSLA have rallied 25% over the past month, as it gets set for a 3 for 1 stock split on Aug. 24, but they are still down 15% year to date compared to the S&P 500 s SPX, a 10% decline this year.