Tesla produced its 10 millionth electric vehicle this week at its Fremont, California factory, the company said Wednesday in a post on X. It's a milestone that took just six years to reach after the plant built its one millionth car back in 2020.
It makes Tesla the first dedicated electric vehicle maker in the world to hit eight figures in production. This achievement proves that EVs can be made successfully and profitably at an enormous scale, something many established automakers are still working toward as they ramp up their own EV businesses.
View Price on AmazonChinese juggernaut BYD hit 10 million new energy vehicle sales back in 2024, but that figure includes both battery electric vehicles and plug-in hybrids. Ten million is also halfway to 20 million, which is one of the operational milestones baked into CEO Elon Musk's roughly $1 trillion pay package, approved by shareholders last year.
Tesla's growth has stalled badly over the past two years while competition continues to intensify globally. After delivering a record 1.81 million vehicles in 2023, the company posted two consecutive years of declining sales. Analysts have attributed that slowdown to a combination of an aging vehicle lineup, growing competition, and consumer backlash tied to Musk's political activities.
Tesla expected the Cybertruck to be a volume seller driving further growth for the company, but it turned out to be a massive sales flop, although it does have some loyal fans. Its robotaxi rollout also has been particularly slow, with a few Model Y robotaxis now operational in the Bay Area, Texas, and Florida, most with human supervisors onboard.
There are some signs of the automaker's passenger vehicle business stabilizing. The second quarter of this year was a bright spot with a surprising 25% year-over-year growth, which came on the back of high gas prices which spurred EV demand in Europe.
Source: insideevs.com
