Tesla boosts annual EV production capacity to over 2.3 million units
Tesla, the world's leading electric vehicle (EV) manufacturer, has once again expanded its annual production capacity, with the latest third-quarter (Q3) financial report indicating a total output of more than 2,350,000 vehicles.
The given figure marks a substantial increase of 325,000 units from the previous quarter (Q2). Year-over-year, it marks a growth of approximately 450,000 units. The primary driver behind this increased production can be attributed to the Giga Shanghai facility, where installed capacity has been increased by 200,000 units, from roughly 750,000 to 950,000. Additionally, the Giga Texas plant made a significant contribution to this increase, with an estimated production capacity of more than 125,000 units per annum for the Tesla Cybertruck.
It is worth-mentioning here that installed manufacturing capacity and actual production figures often differ. In the third quarter, Tesla produced 430,488 vehicles, up 18 percent year-over-year increase. However, when we consider the average production volume for the Q2 and Q3 periods, it stands at more than 450,000 units. This solidifies the manufacturer’s prospects of meeting its annual target of 1.8 million vehicles for the current year.
It is also noteworthy here that Tesla achieved a remarkable milestone on 17th of September this year as its cumulative EV production since 2008 crossed the mark of 5 million units.
Manufacturing plant capacities o Tesla are tactically distributed worldwide. In Fremont, California, the Tesla Factory has an annual production capacity of 650,000 vehicles, with special focus on the Model 3, Model Y, and the refreshed Model S and Model X.
Meanwhile, Gigafactory 1 in Nevada primarily specializes in battery production, and it is playing a crucial role in allowing the manufacturer in increasing the production of it EVs. In China, the Gigafactory 3 (Shanghai) boasts the potential to produce over 950,000 Model 3 and Model Y vehicles per annum. This plant is serving as a vital export hub for the company.
Berlin, Germany-based Gigafactory 4 is designed for Model Y production with an annual capacity of around 375,000 EVs. In future, it will produce EVs using 4680-type battery cells.
Texas-based Gigafactory 5 has also rapidly ramped up Model Y production and made a significant progress on the much-anticipated Cybertruck. It's expected to have an annual installed capacity of more than 125,000 vehicles.
The American EV giant’s vision extends to Mexico, where the company is working on Gigafactory 6 in Santa Catarina for producing next-generation EVs at a massive scale, potentially reaching millions of vehicles annually. Construction is slated to commence in 2024, while EV production is expected to start sometime in 2025.