The company has produced over three million cars so far, according to a statement by billionaire entrepreneur and Tesla CEO Elon Musk on Sunday. Musk congratulates the Tesla Shanghai team for producing the one-millionth car despite the technical difficulties due to lockdowns and Covid 19 restrictions in China.
He tweeted: Congrats Giga Shanghai on making the millionth car! Musk tweeted late on Sunday that the total of Teslas made over 3 mn.
The cars of Tesla have covered 40 million miles, according to reports. The company has said it will cover 100 million miles by the end of 2022. Tesla is the leader in the BEV segment. Its Model Y and Model 3 are the popular ones in the segment. The top three of the top eight electric vehicles in the market, according to Motor and Wheels analysis, belong to Tesla.
The Shanghai gigafactory is reportedly producing a large number of new vehicles after opening in 2019 and subsequent years of investment. A gigafactory is a manufacturing unit that can produce huge amounts of energy through an end-to- end battery manufacturing process.
Besides Shanghai, Tesla has its gigafactories in Fremont, California, Austin, Texas and near Berlin in Germany. The Fremont unit was first set up. In July, Musk said that the Fremont unit has made two million cars.
In the last few months, deliveries of Tesla have gone up. In July, Tesla delivered around 254,695 vehicles in the second quarter, a 26.5 per cent increase year-on-year. The total sales for the same quarter were $16.93 billion and automotive made about $14.6 billion.
The US sold 413,000 EVs in H1 2022, of which Tesla has a 60 per cent share in sales. During H1 of 2022, it sold around 565,000 vehicles.
Since the beginning of 2022, the Tesla stock has fallen by 25 per cent as investors are looking to get into safer stocks due to growing inflation and recession fears. Musk sold over 7 million shares in August, which is worth $6.88 billion.