Tesla reportedly started delivering locally-produced Model Y crossovers in China on Monday, according to CNBC. The milestone marks a breakthrough in the electric carmaker’s Chinese market as it was previously importing Model Y vehicles from its plant in California.
- It is unclear how many Model Y vehicles Tesla delivered or whether they were delivered to employees or retail customers.
- China is critical for Tesla’s growth plans as it is currently the world’s largest EV market
- Deliveries of Model 3 to Chinese customers started a little more than a year ago and Tesla also built its $2 billion Shanghai plant in just under a year.
- Tesla plans to raise its vehicle sales volume from about 500,000 in 2020 to 20 million annually over the next decade.
- In 2020, the company delivered 499,550 vehicles, an impressive 36% increase from the previous year, despite narrowly missing the 500,000 target.
Tesla’s stock is currently declining. TSLA: NASDAQ is down 0.29% on premarket.