Tesla (TSLA) says that it has now produced more than three million electric vehicles.
Tesla chief executive officer (CEO) Elon Musk tweeted the announcement when praising the company’s factory in Shanghai, China for making one million cars.
“Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3M,” Musk tweeted.
While Tesla remains the leading producer of electric vehicles in the world, the company is a relatively small player in the global automotive industry.
Musk’s announcement on social media comes after months of COVID-19 lockdowns in China that hurt Tesla’s global vehicle production. It also shows that the Shanghai factory is now one of Tesla’s leading manufacturing sites and producing a significant number of new vehicles.
In July, Tesla reported that it delivered 254,695 vehicles in this year’s second quarter, a 27% increase from the same period last year.
Toyota (TM), for example, produced more than 10 million vehicles last year. Tesla said earlier this year that it plans to increase its vehicle production by 50% annually moving forward.
In addition to its Shanghai plant, Tesla produces cars at factories in Fremont, California; Austin, Texas; and Berlin, Germany.
Tesla stock is down 25% this year and trading at $900 per share. The company recently announced a 3-for-1 stock split that is scheduled to take place on August 25.
This past June, Musk said he wanted to get the company’s Shanghai plant “back in the saddle” after it was hobbled for months by renewed COVID-19 restrictions in China.
