Tesla is aiming to produce 20 million new cars a year

Tesla is aiming to produce 20 million new cars a year.

Tesla is preparing to increase production, as the company’s CEO Elon Musk told shareholders that the electric car company is aiming to produce 20 million new cars a year.

The Tesla boss said that the average production number from each factory will increase from the current number of 1.5 million cars, to 2 million cars a year.

The new target means that at least 10 of the company’s gigafactories will need to be up and running, and when average production rises to 2 million, then the annual production figure will rise to 20 million new cars built in year.

Toyota, the world’s largest car company, sold about 10.5 million vehicles in 2021, with Volkswagen taking second place with 9.3 million reported sales.

Tesla during 2021 had reported 936,000 new cars produced.

Musk revealed that Tesla’s two new factories located in Germany and Texas were working on solving “10,000” small problems, despite both having a production rate of 1.5 million cars.

Elon further added: “If everything goes according to plan, from 2022 we will come out with an annual rate of 2 million cars.”

The key to Tesla’s long-term profitability is its manufacturing, Musk said at his meeting with shareholders, as the carmaker revolutionizes the manufacturing process with its Giga Press, which replaces hundreds of welded steel parts to create a large piece of aluminum.

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