- Tesla became the first automobile maker to produce 1 millionth electric car, Elon Musk announced it through a tweet on Tuesday.
The company’s CEO Elon Musk announced on Twitter that Tesla has built 1 millionth electric car. The announcement was made by Musk sharing a picture of the car, a red Model Y, and congratulating the Tesla team on reaching the milestone. It’s a momentous moment for an automaker established only in 2003.
Tesla launched its first production vehicle, the Roadster, back in 2008, meaning this million-car mark has taken a little over twelve years to reach. Nonetheless, based on current expectations it could end up hitting the two million mark a lot sooner.
The company said it plans to sell more than 500,000 cars worldwide in 2020, in its January earnings report. Known automakers such as Toyota or the Volkswagen Group manufacture more than 10 million vehicles a year each. Nonetheless, the landmark for Tesla is a tremendous achievement for an automobile company that produces only electric vehicles.
The electric car company hit the milestone as it starts producing more of its vehicles outside the US. It delivered its first cars assembled at its Shanghai Gigafactory at the end of last year.
Meanwhile, the company is also preparing the site for its fourth Gigafactory near Berlin in Germany, after a court ruled that it could continue its tree felling work despite a lawsuit from environmental groups.
Elon Musk tweeted this on Tuesday
Congratulations Tesla team on making our 1,000,000th car!! pic.twitter.com/5M99a9LLQi
— Elon Musk (@elonmusk) March 10, 2020
Tesla is expected to start shipping its latest car, the Model Y, this month ahead of its original estimate of fall 2020. Meanwhile, the Cybertruck corporation is expected to go into service late in 2021.
Elon Musk talked about making 500,000 vehicles a year. Tesla finished 2019 with 367,500 output. Model 3 now outsells every vehicle in the luxury entry category be it in Germany, Japan or in the US. When Tesla’s Cybertruck was put on the show last year in November, the company went home with 200,000 pre-orders in 3 days.
With this powerful performance, not only Tesla but its investors are also enjoying a smooth ride. The stock value of Tesla is worth 37% more than General Motors and twice the value of Ford ($37 billion).
Tesla gained 22% this year, more than 14% average for the 10 largest automakers. Over the past 2 years, Tesla is no.1 with 31% returns when its competitors lost 4%. Since 2017, Tesla is No.1 with a 99% return.
For the first time, Tesla Inc.’s market value crept briefly above $100 billion, a threshold that will trigger a huge payout for Elon Musk if he can sustain the feat for months in January 2020.